Connecticut General Statutes 45a-499vv – Resignation of trustee
(a) A trustee of an inter vivos trust may resign (1) without court approval upon giving not less than thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (2) with the approval of the court.
Terms Used In Connecticut General Statutes 45a-499vv
- Court: means a court of this state having jurisdiction over the matter pursuant to sections 45a-499o and 45a-499p or a court of another state having jurisdiction under the law of the other state. See Connecticut General Statutes 45a-499c
- Inter vivos: Transfer of property from one living person to another living person.
- Property: means anything that may be the subject of ownership, whether real or personal and whether legal or equitable, or any interest therein. See Connecticut General Statutes 45a-499c
- Settlor: means a person, including a testator, that creates or contributes property to a trust. See Connecticut General Statutes 45a-499c
- Testamentary trust: means a trust created under a will and, unless otherwise expressly provided, any trust established pursuant to an order of the Probate Court. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) A trustee of a testamentary trust may resign with the approval of the court.
(c) In approving a resignation pursuant to subsection (b) of this section, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property, the beneficiaries and the other trustees, and may issue such other orders as law and equity may require.
(d) Any liability of a trustee, former trustee or of any sureties on such trustee’s bond for acts or omissions of such trustee is not discharged or affected by such trustee’s resignation.