386B.7 -040 Vacancy in trusteeship -- Appointment of successor. (1) A vacancy in a trusteeship occurs if: (a) A person designated as trustee rejects the trusteeship; (b) A person designated as trustee cannot be identified or does not exist; (c) A trustee resigns; (d) A trustee is disqualified or removed; (e) A trustee dies ; or (f) A guardian, conservator, or curator is appointed for an individual serving as trustee. (2) If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship shall be filled if the trust has n o remaining trustee. (3) A vacancy in a trusteeship of a noncharitable trust that is required to be filled shall be filled in the following order of priority: (a) By a person designated in the terms of the trust to act as successor trustee; (b) By a person appointed by unanimous agreement of the qualified beneficiaries; or (c) By a person appointed by the court. (4) A vacancy in a trusteeship of a charitable trust that is required to be filled shall be filled in the following order of priority: (a) By a per son designated in the terms of the trust to act as successor trustee; (b) By a person selected by the st that is required to be filled shall be filled in the following order of priority: (a) By a per son designated in the terms of the trust to act as successor trustee; (b) By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or (c) By a person appointed by the court. (5) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary if the court considers the appointment necessary for the administrati on of the trust. Effective: July 15, 2014 History: Created 2014 Ky. Acts ch. 25, sec. 53, effective July 15, 2014.
Kentucky Legal Code