6 Facts About Experts Everyone Thinks Are True
First of all, you need to know that starting a trust is something that comes with very many benefits. By definition, you need to know that a trustee is basically the person placed in charge to manage the trust on behalf of all the other beneficiaries. The work of the trustee is usually to manage the trust in the best way possible and in the interest of the beneficiaries.
There are those times when situations arise and trustees have to be removed. The courts today allow the removal of a trustee under specific conditions. People who would want to remove a trustee from power are usually advised to seek legal assistance from the services of a very qualified attorney. From this article, you will get to learn of the reason for trustee removal.
If the trustee fails to comply with the terms of the trust then he or she could face removal. Failing to comply with the terms of the trust is the most important reason for trustee removal. 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.
The second reason for the removal of a trustee is mismanagement or neglect of the trust assets. 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. In case the trustee fails at managing the assets of the trust properly or simply neglects his duties, then the beneficiaries could file for a petition for trustee removal.
It is important to take note of the fact that if a trustee is self dealing, then he or she could be removed. One more reason to remove a trustee is when he is self dealing when it comes to the assets of the trust. It is very vital to look out for all the trustees that manage any trust who would never hesitate when it comes to using the knowledge and the assets of the trust to benefit from their position as trustees.
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