Trustee Resignation

[frenchie1105]

What is the name of your state? Ohio
I am the primary trustee of my father's revocable living trust. Due to strained realtions I want to resign as trustee and need to know how complicated and costly this procedure can become. There is a designation under article 9 section b that states notification of resignation to all beneficiaries and their legal represenatatives in addition to several other accountability requirements that sound very complex to a non-legal person. I just want to get out of this as quickly and inexpensively as possible. Should I contact the attorney who drew up the original document or would that be a conflict of interest? Please help.

 

[seniorjudge]

Write a letter:

"I resign as trustee of the [name of the trust] effective immediately."

Send it certified mail, return receipt requested. That's it.



NOW

if you have handled any assets for the trust because pa is dead, then you best be getting a lawyer to make sure you are off the hook for everything.

 

[frenchie1105]

certified letter

Dear Senior Judge,
I have not handled any assets per se, I have co signed checks from stocks that he has liquidated over the years. To whom do I send this resignation letter? To my father or to the attorney that drew up the document? It would seem to me that to simply send the resignation to my father could set up a situation where he could claim he misplaced it or some other excuse that would leave me responsible. Thanks again for your reply.

 

[tranquility]

You can only resign as trustee according to the terms of the trust. Notification is often all it takes for a revocable trust, but you need to follow all the terms to rid yourself of your duties. A person cannot resign their duties and make things go away. One thing which comes to mind is you may need to do an accounting.

Final answer, you need to follow the terms of the trust (or die or become incapacitated) to resign as trustee. You agreed to those terms when you became trustee.

 

[seniorjudge]

Dear Senior Judge,
I have not handled any assets per se, I have co signed checks from stocks that he has liquidated over the years. To whom do I send this resignation letter? To my father or to the attorney that drew up the document? It would seem to me that to simply send the resignation to my father could set up a situation where he could claim he misplaced it or some other excuse that would leave me responsible. Thanks again for your reply.

You have handled assets. You have to resign according to the terms of the trust (see tranquility's post).

If you had never done anything but been named as trustee, then you could probably simply resign.

I am assuming pa is still competent; if so, that will make it a lot easier (as far as notification goes).

I have seen trust agreements that require the trustee to sign as accepting the burdens of trusteeship; that is probably a good idea.

I wouldn't want a trustee's job!