[Caption. See § 3 of the Introduction in this manual.]
Joint Application for Termination of Original Management Trust, Discharge of Trustee of Original Management Trust, Creation of Restated Management Trust, and Appointment of Trustee of Restated Management Trust
Applicants, [name of guardian applicant] and [name of trustee applicant], make this Joint Application for Termination of Original Management Trust, Discharge of Trustee of Original Management Trust, Creation of Restated Management Trust, and Appointment of Trustee of Restated Management Trust, and show the following:
1.[Name of ward], Ward, an incapacitated person, is [a minor/an adult], age [age] as of the filing of this application. Ward has been adjudicated an incapacitated person by this Court and is the ward of this Court in the above-captioned cause.
2.Applicant [name of guardian applicant] is the guardian of the person of Ward. Ward currently resides at [address, city, county] County, Texas.
By order dated [date], this Court created a management trust for Ward under chapter 1301 of the Texas Estates Code and appointed Applicant [name of trustee applicant] as trustee of the Original Management Trust.
3.The Original Management Trust was initially funded with [specify].
4.Applicant [name of trustee applicant] desires to be discharged as trustee of the Original Management Trust. Both applicants believe that it would be in the best interests of Ward for this Court to terminate the Original Management Trust, discharge [name of trustee applicant] as trustee, create a restated management trust in the stead of the Original Management Trust, and appoint a new trustee of the Restated Management Trust.
5.Applicant [name of trustee applicant] has asked [name of proposed successor trustee], Proposed Successor Trustee, to act as trustee of the Restated Management Trust if this Court agrees that such a trust should be created. Applicant [name of trustee applicant] understands that Proposed Successor Trustee is willing to act as trustee of the Restated Management Trust.
6.Proposed Successor Trustee has agreed to the terms of the proposed Restated Management Trust. The proposed terms comply with the provisions of chapter 1301 of the Texas Estates Code. The proposed terms are set forth in the terms of the Restated Management Trust attached to and made a part of this application as Exhibit [exhibit number/letter].
7.Applicant [name of trustee applicant] has agreed to waive all its right to compensation and expense reimbursement as trustee. Applicant [name of guardian applicant] and Proposed Successor Trustee desire to release [name of trustee applicant] from all liabilities it may have with regard to its service as trustee of the Original Management Trust.
Applicants pray—
1.that this Court enter its order (a) creating the Restated Management Trust for Ward in accordance with chapter 1301 of the Texas Estates Code and the terms of the Restated Management Trust attached as Exhibit [exhibit number/letter], (b) designating [name of proposed successor trustee] as the trustee of that trust, and (c) directing Applicant [name of trustee applicant], as trustee of the Original Management Trust, to submit its final account to this Court;
2.that on this Court’s approval of [name of trustee applicant]’s final account the Court enter its order (a) confirming that [name of trustee applicant], as trustee of the Original Management Trust, has waived all its right to compensation and expense reimbursement as trustee and that [name of trustee applicant] will not receive any compensation or reimbursement and (b) directing [name of trustee applicant], as trustee of the Original Management Trust, to deliver all the remaining property of the Original Management Trust to Proposed Successor Trustee, to be held and disposed of in accordance with chapter 1301 of the Texas Estates Code and the attached terms of the Restated Management Trust; and
3.that on [name of trustee applicant]’s delivery of all the remaining property of the Original Management Trust to Successor Trustee and the Proposed Successor Trustee’s filing of its receipt of same, the Court enter its order terminating the Original Management Trust and discharging [name of trustee applicant] as trustee of the Original Management Trust, and granting all further relief to which applicants may be entitled.
Respectfully submitted,
[Name of guardian applicant]
Applicant
[Name of trustee applicant]
Applicant
[Name]
Attorney for Guardian
State Bar No.:
[Email address]
[Address]
[Telephone]
[Telecopier]
[Name]
Attorney for Trustee
State Bar No.:
[Email address]
[Address]
[Telephone]
[Telecopier]
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Attach exhibit(s). |