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what is the procedure to resign from a trust
14-Feb-2023 (In Wills / Trusts Law)
I am member of a trust consisting of total 7 members. according to bye law of trust, the members of working committee will have to approve the resignation. minimum qorum required is 3/5 . if qurom is not fulfiiled still meeting can be conducted and decisions will be legal. My problem is the chairman and most members are non cooperative and never conduct any meetings. I can get support from two members to appprave my resignation . in this case how do I gracefully resign and legall my name is remove from the traust membership
Trustee resignation should usually occur according to the terms of the trust. Other times, a trustee resignation form may be used. It is important that a trustee who wishes to withdraw do so properly in order to avoid any future liability. As long as you are trustee, you are a fiduciary of the trust with a duty of loyalty and a duty of care to the trust and the beneficiaries. This includes resigning as trustee.
You must resign properly in order to ensure that you are not held responsible for adverse consequences were they to occur during or after your resignation. Even if the trust seems absolutely clear, you may want to consult with an attorney for help and to ensure you are in compliance with the trust terms and the law. ?
Check the original trust document to see if a successor trustee is listed. Ideally, a trust will list a successor trustee. If they do not, then request one when you agree to become the trustee. If there is no successor trustee listed, a new trustee will have to be appointed. The court will likely do this, get help from an attorney.
Prepare a full financial and investment report of the trust along with all trust related documents and contact information for outside investment relations. This “Trust Kit” will make the transition for the new trustee much easier and show that you acted responsibly to help you avoid any future liability.
Obtain a Trustee Resignation Form from the court, online, or from an attorney and complete and sign it in the presence of a witness and notary.
Make three copies of your resignation. Give one to the new trustee in the “Trust Kit”, one to the trust beneficiary, and keep one on file.
Assist the new trustee with any other transitional issues as needed.
Again, it is best to consult with an attorney if you have any questions regarding your resignation and the transition to a new trustee.
You must resign properly in order to ensure that you are not held responsible for adverse consequences were they to occur during or after your resignation. Even if the trust seems absolutely clear, you may want to consult with an attorney for help and to ensure you are in compliance with the trust terms and the law. ?
Check the original trust document to see if a successor trustee is listed. Ideally, a trust will list a successor trustee. If they do not, then request one when you agree to become the trustee. If there is no successor trustee listed, a new trustee will have to be appointed. The court will likely do this, get help from an attorney.
Prepare a full financial and investment report of the trust along with all trust related documents and contact information for outside investment relations. This “Trust Kit” will make the transition for the new trustee much easier and show that you acted responsibly to help you avoid any future liability.
Obtain a Trustee Resignation Form from the court, online, or from an attorney and complete and sign it in the presence of a witness and notary.
Make three copies of your resignation. Give one to the new trustee in the “Trust Kit”, one to the trust beneficiary, and keep one on file.
Assist the new trustee with any other transitional issues as needed.
Again, it is best to consult with an attorney if you have any questions regarding your resignation and the transition to a new trustee.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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