Reasons For Trustee Removal
It is important to acknowledge the fact that starting a trust is something that comes with very many benefits. The person who is in charge of managing a trust on behalf of the beneficiaries is often referred to as a trustee. The work of the trustee is usually to manage the trust in the best way possible and in the interest of the beneficiaries.
However, there comes time when trustees have to be removed. A trustee can only be removed under specific conditions and that is what the law states. Hence, if you would want to remove a trustee, then you would have to ensure that you actually secure legal services of a very qualified attorney. From this article, you will get to learn of the reason for trustee removal.
The very first reason is if he or she fails to comply with the trust terms. This actually the most crucial reason to remove a trustee. It is the creator of the trust who usually comes up with the terms that should serve the trust and to be abided by the trustees for the benefit of the beneficiaries. In case the trustee fails to honor the terms created by the trustor then he or she should be removed from managing the trust.
If at all the trustee mismanages or ignores the assets of the trust, then he or she would be removed. As a trustee, one should be able to manage the assets of the trust in the right way that could benefit both the beneficiaries and the other trustees. The roles of a trustee when it comes to managing the assets of the trust include making sound investments, selling or buying assets on behalf of the trust and making distribution to beneficiaries. You need to know that whenever a trustee fails to manage the assets of the trust well or ignores his duties as trustees, then the beneficiaries have all the rights in the world to file for a petition for the removal of the trustee.
The last ground for trustee removal is if he is self dealing. This means that if the trustee is self dealing when it comes to the management of the assets of the trust, then he could be removed. The kinds of trustees that should face removal by the beneficiaries of a trust are those that would use the knowledge and the assets of the trust so that they would benefit from their position of being a trustee.