Florida Statutes 736.0704 – Vacancy in trusteeship; appointment of successor
Current as of: 2023 | Check for updates
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(1) A vacancy in a trusteeship occurs if:
(a) A person designated as trustee declines the trusteeship;
Terms Used In Florida Statutes 736.0704
- Fiduciary: A trustee, executor, or administrator.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Trustee: A person or institution holding and administering property in trust.
(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 trustee is adjudicated to be incapacitated.
(2) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must 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 must be filled in the following order of priority:
(a) By a person named or designated pursuant to the terms of the trust to act as successor trustee.
(b) By a person appointed by unanimous agreement of the qualified beneficiaries.
(c) By a person appointed by the court.
(4) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(a) By a person named or designated pursuant to the terms of the trust to act as successor trustee.
(b) By a person selected by unanimous agreement of the charitable organizations expressly designated to receive distributions under the terms of the trust.
(c) By a person appointed by the court.
(5) The court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust, whether or not a vacancy in a trusteeship exists or is required to be filled.