Minimum Qualifications of Trustee. No person who is under age 18 may serve as a Trustee or Co-Trustee. In addition no person who has attained age 18, but who is a Prohibited Person, may serve as a Trustee or Co-Trustee. If any Trustee or Co-Trustee becomes a Prohibited Person while serving as a Trustee or Co-Trustee, such Trustee or Co-Trustee agrees to resign and hereby resigns as Trustee or Co-Trustee effective on the date of such prohibition. In addition, such Trustee or Co-Trustee must give notice of such prohibition and resignation to the Settlor while the Settlor is living, and thereafter to the beneficiary of such trust. Further, such Trustee or Co-Trustee must surrender possession of all trust property in his or her possession to a Trustee or one or more Co-Trustees immediately upon such resignation. If any Trustee or Co-Trustee (other than the Settlor) is the spouse of the Settlor or a beneficiary and: (1) any proceeding for dissolution of the Settlor’s marriage or such beneficiary’s marriage is filed; or (2) the Settlor or such beneficiary becomes legally separated from the Settlor’s spouse or such beneficiary’s spouse; such Trustee or Co-Trustee agrees to resign and hereby resigns as Trustee or Co-Trustee effective on the date such proceeding is filed or such separation occurs. In addition, such spouse must give notice of such resignation to the Settlor while the Settlor is living, and thereafter to the beneficiary of such trust. Further, such spouse must surrender possession of all trust property in his or her possession to a Trustee or one or more Co-Trustees immediately upon such resignation.
