Appointment of Successor Trustee for Revocable Trust: Settlor is Not Outgoing Trustee (Pennsylvania)

The legal template "Appointment of Successor Trustee for Revocable Trust: Settlor is Not Outgoing Trustee (Pennsylvania)" is a document that pertains to the appointment of a successor trustee for a revocable trust established in the state of Pennsylvania, as per the laws of the United States.

In the context of estate planning, a revocable trust is a legal arrangement where the creator of the trust, referred to as the settlor, transfers their assets into a trust to be held and managed for the benefit of designated beneficiaries. The settlor typically plays the role of the initial trustee, maintaining full control over the trust and its assets during their lifetime.

However, circumstances may arise when the settlor is no longer able or willing to act as the trustee of their revocable trust. These situations can include incapacity, death, or their voluntary decision to step down from their trustee role. In such cases, it becomes necessary to appoint a successor trustee who will take over the management and administration of the trust.

The purpose of this legal template is to assist individuals in Pennsylvania who wish to designate a successor trustee for their revocable trust, explicitly when the settlor is not the outgoing trustee. This template ensures that the trust's assets continue to be safeguarded and managed properly by a reliable and legally authorized individual.

The document may include various sections and clauses, such as the identification of the revocable trust, the designation of the outgoing trustee, the appointment of the successor trustee, and other relevant provisions. It will also outline the responsibilities, powers, and limitations of the successor trustee according to Pennsylvania law and the specifications of the trust itself.

By utilizing this legal template, individuals can ensure that their revocable trust remains functional and effective even if the settlor is unable or unwilling to continue acting as the trustee, providing peace of mind and assurance that their assets will be managed according to their intentions.