Massachusetts General Laws ch. 203E sec. 705 – Resignation of trustee
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Section 705. Resignation of trustee
Terms Used In Massachusetts General Laws ch. 203E sec. 705
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
(a) A trustee may resign:
(1) upon at least 30 days’ notice to: (i) the settlor and all co-trustees of the trust, in the case of a revocable trust, and (ii) the qualified beneficiaries and all co-trustees of the trust, in the case of any other trust; or
(2) with the approval of the court.
(b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee shall not be discharged or affected by the trustee’s resignation.