KRS 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 no 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 person 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 administration of the trust.