Section 3B:31-46 - Accepting or declining trusteeship.

NJ Rev Stat § 3B:31-46 (2019) (N/A)

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3B:31-46 Accepting or declining trusteeship.

3B:31-46. Accepting or Declining Trusteeship.

a. Except as otherwise provided in subsection c. of this section, a person designated as trustee accepts the trusteeship:

(1) in the case of a testamentary trustee or substituted testamentary trustee, as provided in N.J.S.3B:11-2, and

(2) in the case of any other trustee,

(a) by substantially complying with a method of acceptance provided in the terms of the trust; or

(b) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.

b. A person designated as trustee who has not yet accepted the trusteeship may renounce the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have renounced the trusteeship.

c. A person designated as trustee, without accepting the trusteeship, may:

(1) act to preserve the trust property if, within a reasonable time after acting, the person sends a renunciation of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to the qualified beneficiaries and to any designated successor trustee; and

(2) inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.

L.2015, c.276, s.1.

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Section 3B:31-47 - Trustee's bond.