§ 35-15-705. Resignation of Trustee
A trustee may resign: Upon at least thirty (30) days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or With the approval of the court. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. Any liability of a resigning […]
§ 35-15-706. Removal of Trustee
The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. The court may remove a trustee if: The trustee has committed a serious breach of trust; Lack of cooperation among cotrustees substantially impairs the administration of […]
§ 35-15-707. Delivery of Property by Former Trustee — Petition for Approval of Accountings and Release and Discharge From Liability
Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. A trustee who has […]
§ 35-15-708. Compensation of Trustees, Trust Advisors and Trust Protectors
If the terms of a trust do not specify a trustee’s, trust advisor’s or trust protector’s compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in § 35-15-103(24)(A), have not otherwise agreed, a trustee, trust advisor or trust protector is entitled to compensation that is reasonable under […]
§ 35-15-709. Reimbursement of Expenses
A trustee, trust advisor or trust protector is entitled to be reimbursed out of the trust property, with interest as appropriate, for: Expenses that were properly incurred in the administration of the trust; and To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of […]
§ 35-15-710. Directed Trusts
If the terms of the trust, an agreement of the qualified beneficiaries, or a court order requires a trustee, trust advisor, or trust protector to follow the direction of a trust advisor or trust protector, and the trustee, trust advisor, or trust protector acts in accordance with such direction, then the trustee, trust advisor, or […]
§ 35-15-701. Accepting or Declining Trusteeship
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship: By substantially complying with a method of acceptance provided in the terms of the trust; or If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by […]
§ 35-15-702. Trustee’s Bond
A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. The court may specify the amount of a […]
§ 35-15-703. Cotrustees
Cotrustees who are unable to reach a unanimous decision may act by majority decision. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under […]
§ 35-15-505. Creditor’s Claims Against Settlor
Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor’s creditors. Except as provided in chapter 16 of this title regarding investment services trusts and subdivisions (a)(3)-(5) regarding an irrevocable […]