Washington Code 11.98.017 – Trusteeship — Accepting and declining — Powers without acceptance
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(1) Except as otherwise provided in subsection (3) of this section, a person designated as trustee accepts the trusteeship:
Terms Used In Washington Code 11.98.017
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means an original, added, or successor trustee and includes the state, or any agency thereof, when it is acting as the trustee of a trust to which chapter 11. See Washington Code 11.02.005
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
- Trustor: means a person, including a testator, who creates, or contributes property to, a trust. See Washington Code 11.02.005
(a) By substantially complying with a method of acceptance provided in the terms of the trust; or
(b) If the terms of the trust do not provide a method of acceptance or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(2) A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship by delivering a written declination of the trusteeship to the trustor or, if the trustor is deceased or is incapacitated, to a successor trustee, if any, and if none, to a qualified beneficiary.
(3) A person designated as trustee, without accepting the trusteeship, may:
(a) Act to preserve the trust property if, within a reasonable time after acting, the person sends a written declination of the trusteeship to the trustor or, if the trustor is dead or is incapacitated, to a successor trustee, if any, and if none, to a qualified beneficiary; and
(b) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
[ 2013 c 272 § 10.]
NOTES:
Application—2013 c 272: See note following RCW 11.98.002.