Acceptance Of Office By Trustee


DEFINITION of 'Acceptance Of Office By Trustee'

A mutual understanding that a person has with the estate that implies they will assume administrative duties after being nominated. Acceptance of office by trustee is basically a formal way of giving consent to serve as a trustee. After being nominated, a trustee may decline to serve but cannot decline after accepting, nor delegate the responsibility.

BREAKING DOWN 'Acceptance Of Office By Trustee'

A trustee is a person or institution who has legal title to hold property on behalf of the recipient. They act on the behalf of the beneficiary and are allowed to make decisions based on their professional criteria and best judgment.

Once they accept the office, many trustees serve on a voluntary basis without receiving payment for their work. Some of their duties include handling a trust's affairs, ensuring that it is solvent and well managed, and delivering the outcomes and benefits that were originally set out for the trust. Trustees also prepare reports on the trusts and make sure that the trust complies with the law, among many other responsibilities.

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  1. Can I put my IRA in a trust?

    You cannot put your IRA in a trust while you are living. You can, however, name a trust as the beneficiary of your IRA and ... Read Full Answer >>
  2. How does the trust maker transfer funds into a revocable trust?

    Once a revocable trust is created, a trust maker transfers funds or property into the trust by including them in a list with ... Read Full Answer >>
  3. What is the difference between a revocable trust and a living trust?

    A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed ... Read Full Answer >>
  4. How exactly does one go about revoking a revocable trust?

    The basic steps involved in revoking a revocable trust are fairly simple, and include transfer of assets and an official ... Read Full Answer >>
  5. What is the difference between a revocable trust and an irrevocable trust?

    An irrevocable trust and a revocable trust are differentiated through the ability to change the trust. With an irrevocable ... Read Full Answer >>
  6. What is a family Limited Liability Company (LLC)?

    A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form ... Read Full Answer >>

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