§ 7-2.3. Trust estate not to descend on death of trustee; appointment,.
253 words·~1 min read·
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§ 7-2.3 Trust estate not to descend on death of trustee; appointment,
duties and rights of successor trustee
(a)On the death of the sole surviving trustee of an express trust,
the trust estate does not vest in his personal representative or pass to
his distributees or devisees, but, in the absence of a contrary
direction by the creator, if the trust has not been executed, the trust
estate vests in the supreme court or the surrogate's court, as the case
may be, and the trust shall be executed by a person appointed by the
court.
(b)Upon such notice to the beneficiaries of the trust as the court
may direct of an application for the appointment of a successor trustee,
unless the creator has directed otherwise, the court may appoint a
successor trustee, even though the trust has terminated, whenever in the
opinion of the court such appointment is necessary for the effective
administration and distribution of the trust estate, subject to the
following:
(1)A successor trustee shall give security in such amount as the
court may direct.
(2)A successor trustee shall be subject to the same duties, as to
accounting and trust administration, as are imposed by law on trustees
and, in addition to the reasonable expenses incurred in the course of
trust administration, shall be entitled to such commissions as may be
fixed by any court having jurisdiction to pass upon such trustee's final
account, which shall in no case exceed the commissions allowable by law
to trustees.