Appointment of Successor Trustee for Revocable Trust: Settlor is Outgoing Trustee (New York)

This legal template is specifically designed for the appointment of a successor trustee for a revocable trust in the state of New York, in accordance with the laws of the United States of America. The trust in question has been established by an individual referred to as the settlor, who currently holds the role of the outgoing trustee.

A revocable trust is a legal arrangement made during the settlor's lifetime, allowing them to retain control over the trust's assets while specifying beneficiaries and the desired distribution of assets upon their death or incapacitation. However, due to various reasons such as the settlor's wish to step down, the appointment of a successor trustee becomes necessary to ensure the seamless administration of the trust.

This legal template outlines the necessary provisions and requirements for appointing a successor trustee in accordance with the specific laws and regulations governing trusts in New York. It includes sections covering the identification of the revocable trust, the naming and acceptance of the successor trustee, as well as any specific instructions or conditions provided by the settlor.

The appointment of a successor trustee is a crucial step as they will assume the fiduciary responsibilities and duties in managing and distributing the trust's assets, according to the settlor's intentions. This template aims to establish a clear and legally binding document that facilitates the smooth transition of trustee responsibilities, providing clarity and legal protection for all parties involved.