Successor Trustee
Successor trustees become active when the initial successor trustees are unable to act due to resignation, incapacitation or death. Successor trustees can be listed linearly or in combinations as successor co-trustees.
Successor Trustees
Upon the death, resignation or incapacity of either JOHN A. GREEN or NANCY A. GREEN as Trustee, the successor Trustee shall be the survivor of them. Upon the death, resignation or incapacity of both JOHN A. GREEN and NANCY A. GREEN, the successor Trustee is designated as PAUL B. GREEN. Upon removal of PAUL B. GREEN as Trustee, the successor Trustee is designated as LINDA B. GREEN. Upon removal of LINDA B. GREEN as Trustee, the successor Trustee is designated as JENYPHER B. GREEN.
Successor Co-Trustees
Upon the death, resignation or incapacity of either JOHN A. GREEN or NANCY A. GREEN as Trustee, the successor Trustee shall be the survivor of them. Upon the death, resignation or incapacity of both JOHN A. GREEN or NANCY A. GREEN, the successor Co-Trustees shall be PAUL B. GREEN and LINDA B. GREEN. Upon the death, resignation or incapacity of either PAUL B. GREEN or LINDA B. GREEN as successor Co-trustee, the replacement successor Co-Trustee shall be JENYPHER B. GREEN. Thereafter, should a Co-Trustee die, resign, or become incapacitated, the remaining Co-Trustee shall continue to serve as sole Trustee.
Consent Of Co-Trustees
Whenever there are more than two (2) acting Co-Trustees, a majority of such Co-Trustees, whether individual or corporate, shall have the power to make any decision, undertake any action or execute any documents affecting the trusts created herein, and the dissenting Co-Trustee or Co-Trustees shall thereupon be released from all liability resulting from the decision of the majority. If there are two (2) acting Co-Trustees, they must act unanimously. If an individual Co-Trustee and a corporate Co-Trustee are acting, the decision of the individual Co-Trustee shall be binding.
Resignation Of Trustee
Any Trustee or Co-Trustee of this Trust Agreement may resign as Trustee after written notice of such resignation is delivered to the Co-Trustors, or the surviving Co-Trustor, or, if both Co-Trustors are deceased, to all of the beneficiaries then receiving income interests, and upon the acceptance of the successor Trustee to act. The resignation of a Trustee can be effected by the attorney-in-fact for a Trustee exercising such power pursuant to a valid power of attorney. The resigned Trustee shall deliver an accounting of the assets, income and expenses to the successor Trustee as soon thereafter as is reasonably practicable.
Vacancy In Trustees
In the event that all of the named Trustees and successors shall die, resign, or be incapacitated, and in the event that the right to appoint or designate a successor Trustee is not exercised by the Co-Trustors or by the surviving Co-Trustor, then, and in that event, the successor Trustee shall be chosen by a majority in interest of the then living beneficiaries, with a parent or guardian voting for each minor beneficiary.
Most trusts allow trustees to be compensated for their time and efforts at a rate comparable to local professional successor trustee services. If a corporate trustee serves as an active trustee, their fee schedule is made available to the beneficiaries.
Trustee Compensation
Any party serving as Trustee hereunder, other than Trustor, shall be entitled to fair and reasonable compensation, and to reimbursement of expenses incurred, in the performance of such party's duties under the trust hereby created. The reasonable compensation of a bank or trust company for its services as Trustee shall be in accordance with its published schedule of fees in effect from time to time, and the reasonable compensation of an individual for his or her services as Trustee shall not exceed the customary charges of corporate trustees in the same locality for similar services.
Once the trustor (or both co-trustors) has passed, the revocable living trust becomes irrevocable. Succesor trustees have a fiduciary responsibility managing trust assets in the best interest of the current beneficiaries.
Fiduciary Capacity
Any Trustee or Co-Trustee of an irrevocable trust hereunder shall act at all times in his or her fiduciary capacity and shall treat the income and remainder beneficiaries equitably, and no Trustee shall have any power which would cause includibility of such irrevocable trust share in his or her estate for federal estate tax purposes. Should any condition arise, including a change in the law, which would prevent any such Trustee or Co-Trustee of such irrevocable trust from acting as Trustee hereunder without causing includibility of such trust share in his or her estate for federal estate tax purposes merely by reason of such trusteeship, such Trustee or Co-Trustee shall resign, and the next successor Trustee, as designated herein, who shall not be subject to such includibility shall be appointed in his or her stead.
Invasion of Principal
No Trustee or Co-Trustee who is also a beneficiary of an irrevocable trust share hereunder shall have the power to invade the trust principal for his or her benefit prior to the termination of the trust, except pursuant to the ascertainable standards set forth in this Trust Agreement.
