There are times when you will want to have a trustee who oversees your trusts. However, there are also times when you should consider not having a trustee at all.
Removing a trustee can be a good way to eliminate the possibility of trouble with your trust, especially if things are going wrong already. Here are three reasons to remove a trustee right away.
1. The trustee is self-dealing
Self-dealing is bad news for any trust. It is when a trustee uses assets that are not his or hers for his or her own benefit. This could negatively impact the trust.
2. Not complying with the terms of the trust
Another reason to get rid of a trustee is if he or she is not following the terms of the trust. If the trustee isn’t acting in the best interests of the beneficiaries, they have a right to petition the court to remove the trustee from power.
In the event that a trustee becomes hostile toward the beneficiaries, it’s a good idea to remove him or her as the trustee, since he or she may no longer have the beneficiaries’ best interests at heart. If you wish to remove a trustee in this type of situation, you’ll need to petition the probate court and seek the removal of the trustee.
If you’re concerned about the trustee in control of your trust or the trust that is to benefit you in the future, remember that it is up to you to decide if you’ll ask to have the trustee removed.