Acceptance of Office by Trustee - Explained
What is an Acceptance of Office by a Trustee?
Written by Jason Gordon
Updated at September 26th, 2021
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Table of Contents
Acceptance of Office By TrusteeA Little More on What is Acceptance of Office By TrusteeAcademics research on an Acceptance of Office By TrusteeBack to: INHERITANCE, ESTATES, & TRUSTS
What is a Trustee's Acceptance of Office?
A trustee is an individual or an organization that has the responsibility of administering a property for specific purposes. An acceptance of office by a trustee refers to the consent of a trustee (an individual or an organization) to legally assume administrative duties of a property or real estate on behalf of a recipient. This situation often entails that a mutual understanding exists between a real estate company and the recipient of a property that an individual or organization will have control over the property on their behalf. Once the trustee gives consent to serve in that office on behalf of the recipient, it is called an acceptance of office by a trustee.
How Does an Acceptance of Office By Trustee Work?
Trustees who consent to assume administrative duties over a proper or real estate on behalf of recipients undertake an acceptance of office. These trustees can be individual usually professionals in the real estate or corporate organizations. The make decisions with regard to the property, these decisions are often in the best interest of the recipient. An acceptance of office by trustee is required before these designated individuals can legally function in their office or carry out their duties. Before a trustee formally gives consent, there might be need to arrange an official paperwork guaranteeing the acceptance, this paperwork will also be needed in cases of termination of office or resignation by a trustee. Usually, trustees are not paid for their work, they offer their service voluntarily based on trust. Trustees are often selected based on nomination or mutual agreement between a real estate company and the recipient of a property, if an individual or an organization is nominated or selected as a trustee, an acceptance of office by a trustee must occur. Without this acceptance, it means that the trustee has not formally given consent to assume administrative duties over the property or real estate. This is the same as rejecting the offer of trusteeship. However, in some states, a trustee can assume office without formal acceptance being made.
Related Topics
- Declaration of Trust
- Uniform Gifts for Minors Act
- Acceptance of Office by Trustee
- Beneficial Interest
- Asset Protection Trust
- Bare Trust
- Blind Trust
- Charitable Lead Trust
- Charitable Remainder Trust
- Charitable Remainder Annuity Trust
- Charitable Gift Annuity
- Credit Shelter Trust
- Discretionary Trust
- Generation Skipping Trust
- Grantor Trust Rules
- Living Trust
- Inter Vivos Trust
- Revocable Trust
- Irrevocable Trust
- Irrevocable Income-Only Trust
- Qualified Domestic Trust (QDOT)
- Qualified Terminal Interest Protection Trust (QTIP)
Academics research on an Acceptance of Office By Trustee
Corporate Control as a Strict Trustee, Bayne, D. C. (1964). Geo. LJ, 53, 543. The concept if corporate control has become prominent over the last decade as one of the potent forces redefining the law of the modern corporation.
The fiduciary office of trustee and the protection of contingent trust beneficiaries, Du Toit, F. (2007). Stellenbosch L. Rev., 18, 469. Property ownership, when viewed from the arrangement constitutive of trust, is bequeathed to the ownership trust(the trustee) or the trust beneficiaries while the trustee assumes right over the property.
The Trustee and the Prudent Investor: The Emerging Acceptance of Alternative Investments as the New Fiduciary Standard, Ruce, P. J. (2011). S. Tex. L. Rev., 53, 653. This paper examines the emerging acceptance of alternative investments as the new fiduciary standard.
Public Office as a public trust: A suggestion that impeachment for high crimes and misdemeanors implies a fiduciary standard, Rogers, E. M., & Young, S. B. (1974). Geo. LJ, 63, 1025. Impeachable conduct is outrightly defined by The Constitution as "Treason, bribery or other high Crimes and Misdemeanors." The bone of contention now is what kind of official misconduct the framers wanted to proscribe by adopting the phrase high crimes and misdemeanors.
The Law of the Living, the Law of the Dead: Property, Succession, and Society, Friedman, L. M. (1966). Wis. L. Rev., 340. Professor Friedman provides an explicit explanation of diverse ways in which the American legal system, interests thrive in each generation.