Did you know that a trustee can be removed in accordance with the terms of the trust? They can even be removed by a settlor, co-trustee or beneficiary for any of the following reasons:
- Breach of trust
- Insolvency of the trustee or other unfitness to administer the trust
- Hostility among co-trustees that impairs administration
- The trustees failure to act or declining to act
- Excessive compensation
- The sole trustee is a disqualified person
- Other good cause
Sometimes a trustee is selected by the settlor (aka: testator) under good terms; but everybody knows that as soon as a settlor is no longer in the picture things can get a bit messy.
If the settlor, co-trustee or beneficiary decide to move forward with the trustee removal, their lawyer will draft a petition based on the misconduct of the trustee. This petition will then go to the Probate Court and reviewed by a judge.
Moral of the story: If you feel a trustee is abusing their duties, it is important to contact a lawyer and handle it right away. Many times people wait until it is too late and the trustee has depleted the assets in the trust.
For more information visit us at: https://www.thelegacylawyers.com/
If you have any questions, feel free to comment below or contact us at 714-963-7543.
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