When people create a trust in Nevada, they often name themselves as a trustee. Trustees manage the property within a trust but there are times when a trustee may become incapacitated or pass away. In these cases, the named successor trustee will take over the management of the trust.
Before a successor trustee can gain control over the property within a trust, they must submit an affidavit. This document formally and legally designates the successor trustee as the trustee. It can also establish the appointment of the successor to a third party, such as a life insurance company or a bank. Below, our Nevada trust administration lawyer explains more about successor trustee affidavits.
What is a Successor Trustee Affidavit?
A successor trustee affidavit is filed when an original trustee passes away or has been removed for other reasons and the successor trustee replaces them. A successor trustee affidavit is a legal document that formally establishes the transfer of control and ownership of property within the trust from a former trustee to the successor trustee.
A successor trustee affidavit serves as testimony that the successor trustee now has a legal responsibility to manage and distribute the property within the trust according to the provisions of the trust. These affidavits are important tools that facilitate a smooth transition of property and minimize possible disputes among beneficiaries.
Legal Requirements for the Successor Trustee Affidavit
There are many important components of the successor trustee affidavit that must be considered carefully and included to ensure it is legally valid and effective. These include:
- Decedent information: The affidavit should clearly state the name of the decedent in full along with any other pertinent information that can identify them. This includes the date of death or incapacitation.
- Successor information: The affidavit should also include information regarding the successor, including their full name, their relationship to the original trustee, and the acceptance of the trusteeship.
- Trust information: If the decedent had created a trust at one point during their life, the successor affidavit trustee should acknowledge that the trust existed, including the date it was created and other information regarding the provisions within the trust.
- Confirmation of incapacitation or death: The affidavit should also include any confirmation of the death or incapacitation. Medical records or a death certificate can provide this confirmation.
- Successor authorization: The affidavit should explicitly state that the successor trustee accepts the role and that they will fulfill their responsibilities and duties per state laws and the wishes of the original trustee.
- Signatures: Both the successor trustee and the witnesses should sign the affidavit showing that they acknowledge the contents of the document.
How to Create a Successor Trustee Affidavit
There are many steps to take when creating a successor trustee affidavit. These are as follows:
- Collect information about the original trustee and any details pertinent to the trust agreement or their estate.
- Obtain copies of the death certificate, if necessary. This documentation is required and will confirm the death of the original trustee.
- Work with a Nevada estate planning lawyer who can draft the affidavit. A lawyer will ensure that all necessary components are included to ensure accuracy and clarity.
- Review the drafted affidavit carefully, making sure that all information is correct and that the document reflects the wishes of the decedent and their intentions as provided for in their estate plan.
- Ask witnesses to sign the affidavit. They must attest to the identity of the successor and acknowledge the contents of the document. The witnesses must meet certain legal requirements, including the fact that they are impartial.
- Have the document notarized, as this will confirm the identity of the witnesses, which will further validate that the document is authentic.
- Submit the notarized affidavit to the appropriate authorities, such as a financial institution or the probate court. This will update ownership records and transfer the property.
Our Estate Planning Lawyer in Nevada Can Help
Successor trustee affidavits are important documents but when drafting one, many challenges can arise. One small mistake could also result in an undesirable outcome. It is important to seek legal help from a Nevada trust administration lawyer.
At Boyer Law Group, our experienced attorney can help with your affidavit, ensure it includes all the necessary information, and will not make any mistakes that could interfere with the trusteeship. Call us now at 702-255-2000 or contact us online to schedule a free consultation with our experienced attorney and get the legal help you need.