Kentucky Statutes 386B.7-040 – Vacancy in trusteeship — Appointment of successor
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(1) A vacancy in a trusteeship occurs if:
(a) A person designated as trustee rejects the trusteeship;
(b) A person designated as trustee cannot be identified or does not exist; (c) A trustee resigns;
(d) A trustee is disqualified or removed; (e) A trustee dies; or
(f) A guardian, conservator, or curator is appointed for an individual serving as trustee.
(2) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.
(3) A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person appointed by unanimous agreement of the qualified beneficiaries;
or
(c) By a person appointed by the court.
(4) A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(c) By a person appointed by the court.
(5) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary if the court considers the appointment necessary for the administration of the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 53, effective July 15, 2014.
(a) A person designated as trustee rejects the trusteeship;
Terms Used In Kentucky Statutes 386B.7-040
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Charitable trust: means a trust, or part of a trust, established for a charitable purpose as described in KRS §. See Kentucky Statutes 386B.1-010
- Conservator: means a person appointed by the court to administer the estate of a minor or adult individual. See Kentucky Statutes 386B.1-010
- Fiduciary: A trustee, executor, or administrator.
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(b) A person designated as trustee cannot be identified or does not exist; (c) A trustee resigns;
(d) A trustee is disqualified or removed; (e) A trustee dies; or
(f) A guardian, conservator, or curator is appointed for an individual serving as trustee.
(2) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has no remaining trustee.
(3) A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person appointed by unanimous agreement of the qualified beneficiaries;
or
(c) By a person appointed by the court.
(4) A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(c) By a person appointed by the court.
(5) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary if the court considers the appointment necessary for the administration of the trust.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 53, effective July 15, 2014.