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Key Bank National Association, successor trustee of the Mary Jean Stevenson Family Trust: Plaintiff seeks eminent domain acquisition of property near the Interstate 5/Coburg interchange.
You can name yourself as the initial Trustee, and have a person or financial institution named to act as successor Trustee upon your death or incompetence.
This case also benefitted greatly from the role of American National Bank of Texas, which after becoming successor trustee, was willing to take a stand.
The absence of competent counsel at the planning stage also deprives the grantor(s) of essential discussions about the family dynamics, such as deciding a suitable successor trustee or whether the final distribution at the death of the grantor be made directly to the beneficiaries or to the trust established for their benefit.
Upon your disability or death, a successor trustee can continue to manage the trust or dispose of the property according to your wishes without the assistance of the probate court.
That person's partner can then be listed as the successor trustee, who will assume control of the trust and all the assets in it in the event of incapacity or death.
At least one successor trustee should be named in the event the first one can't act.
They were transferred to a successor trustee in August 1997.