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Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you're the beneficiary of a trust, you may find it necessary to remove the trustee if you ...
In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action. [25] However, the threshold for removal under the UTC is not substantial.
Trustees must provide regular accountings of trust income and expenditures. A court of competent jurisdiction can remove a trustee who breaches their duty. Some breaches can be charged and tried as criminal offenses. A trustee can be a natural person, business entity or public body. A trust in the US may be subject to federal and state taxation.
When a trustee initiates the removal of a beneficiary, they must notify them in writing of the reasons why. The beneficiary is also entitled to a court hearing so they can offer a defense as to ...
A motion to compel asks the court to order either the opposing party or a third party to take some action. This sort of motion most commonly deals with discovery disputes, when a party who has propounded discovery to either the opposing party or a third party believes that the discovery responses are insufficient.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee's responsibilities in the case. Generally, panel trustees will file a "blanket bond" with the U.S. Trustee's office which covers all cases in which a particular trustee is serving.
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