Here at the Slaton Schauer Law Firm, PLLC, we have found that trusts are useful for many people–not just the ultra-wealthy! Many estate plans use revocable trusts as their foundation while others include irrevocable trusts. Whatever their type, keep this in mind: every trust needs a “Trustee,” a manager. Who do you trust to fill that role? The grantor (the creator of the trust) may name the beneficiary as trustee… or the grantor may name another individual or entity as trustee, which can create a natural tension between the beneficiary and trustee. If that tension becomes too great, the beneficiary (or beneficiaries) may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
What are the likely avenues for trustee removal? How does this actually shake out in practice? Please click here to view a useful article on the AAEPA’s website that goes into more detail– and note that this is the first article in a short series. Thanks!
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Do I Trust You? Part I