31 Pa. Code § 163.8 - Resignation or removal of trustee
This section applies if the resignation or removal of a
(1) The trustee may
resign upon delivery of a written notice of resignation, effective no later
than 90 days after notice to the beneficiary and grantor.
(2) The trustee may be removed by the grantor
by delivery to the trustee and the beneficiary of a written notice of removal,
effective no later than 90 days after notice to the trustee and the
beneficiary .
(3) The resignation or
removal of the trustee may not be effective until the following requirements
have been met:
(i) A successor trustee has
been appointed and approved by the beneficiary and the grantor.
(ii) A trust agreement has been executed by
the successor trustee which complies with section 319.1(b)-(e) of the act
(40
P. S. §
442.1(b)-(e))
and this chapter.
(iii) The
possession of, and title to, all assets in the trust have been transferred to
the new trustee .
Notes
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