Sec. 33. (a) In addition to the terms of a trust regarding the circumstances under which a trustee vacancy occurs, a trustee vacancy occurs if: (1) a person designated as trustee does not accept being trustee; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) the person designated as trustee lacks capacity. (b) Except as provided in the terms of a trust, if a trust has at least two (2) cotrustees and at least one (1) cotrustee remains in office, a cotrustee vacancy is not required to be filled. A cotrustee vacancy must be filled if the trust has no remaining cotrustee. (c) Except as provided in the terms of a trust, a trustee vacancy of a noncharitable trust that is required to be filled must be filled according to the following priority: (1) A person designated in the terms of the trust to act as successor trustee. (2) A person appointed by a majority of the qualified beneficiaries. (3) A person appointed by the court. (d) Except as provided in the terms of a trust, a trustee vacancy of a charitable trust that is required to be filled must be filled according to the following priority: (1) A person designated in the terms of the trust to be successor trustee. (2) A person: (A) selected by the charitable organizations expressly designated to receive distributions under the terms of the trust; and (B) whose selection is approved by the attorney general. (3) A person appointed by the court. (e) Regardless of whether a trustee vacancy exists or is required to be filled, the court may appoint an additional trustee or a special fiduciary if the court considers the appointment necessary for the administration of the trust.
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