What is renunciation of co successor trustee?

Renunciation of a co-successor trustee occurs when an individual who has been appointed as a co-successor trustee formally declines to accept that role. This process typically involves submitting a written statement of renunciation to the trustor or the court, depending on the jurisdiction. By renouncing their position, the individual relinquishes any responsibilities or authority associated with managing the trust. This action can help streamline trust administration by allowing the remaining trustee(s) to proceed without delay.