Successor Amendment To The Trust Form (Page 2 of 2) in pdf

Successor Amendment To The Trust Form Page 2

In t he e vent o f t he S ettlors’ i ncapacity o r d eath i f t he T rusteeship o f

any T rust c reated b y t his d ocument s hould b ecome v acant f or a ny r eason, t he

power t o n ominate a S uccessor T rustee s hall b e e xercisable b y t he

Beneficiary ( acting j ointly i f t here a re m ultiple B eneficiaries, o r b y a s ole

survivor a cting a lone) f or s ixty ( 60) d ays. I f n o S uccessor T rustee h as b een

nominated w ithin s ixty ( 60) d ays o f s uch v acancy, t hen a c ourt o f c ompetent

jurisdiction s hall a ppoint a q ualified a nd l egally e ligible S uccessor T rustee. I n

the e vent t hat a S uccessor T rustee b ecomes l egally i neligible t o s erve h e s hall

be r eplaced, a s w ell a s i f h e r esigned, r emoved o r b ecame i ncapacitated. I f

the T rust a ssets i nclude i tems s ubject t o t he N ational F irearm A ct, a nd t he

location o f s aid p roperty w ill c hange, a n A TF F orm 5 320.20 s hall b e f iled

prior t o r emoval o f t he T rustee.

In t he e vent t hat s ome o f t he T rust p roperty i s l ocated i n a d istant

place, a d ifferent s tate o r j urisdiction, a nd t he T rustee c annot o r w ill n ot

administer s aid p roperty, t he S ettlor, i f h e i s a live, o r t he T rustee o r

Successor T rustee, i f t he S ettlor i s n ot a live, m ay n ame a n a ncillary T rustee t o

administer s aid p roperty. T he T rustee s hall n ot b e r equired t o p ost a b ond.

B. R eimbursement o f C osts; P ayment f or S ervices: T he T rustee o r

Successor T rustee s hall b e r eimbursed f or c osts h e i ncurs i n t he

administration o f t his T rust, a nd s aid a mounts s hall b e r eimbursed, f irst f rom

the i nterest o f t he T rust, a nd i f n ecessary, f rom t he c orpus o f t he T rust.

Further, t he T rustee o r S uccessor T rustee m ay t ake r easonable

compensation f or h is s ervices. S aid p ayment s hall b e l imited t o w hat i s f air

and r easonable, a nd m ust n ot e xceed t he a mount p ermitted u nder a pplicable

state l aw.

Settlor ( Print/Sign/Date):_____________________________________

W ITNESS ( Print/Sign/Date):_____________________________________

W ITNESS ( Print/Sign/Date): _ ____________________________________

Successor Amendment To The Trust Form Page 2