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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 ...
There are different reasons why a trustee might need to remove a beneficiary from a trust. For example, removal might be necessary if the trustee:
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.
The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...
The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed , and will remain private among the trustees.
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"If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property." [1] There are a number of reasons why a person might wish to avoid an inheritance, particularly if the proceeds would only go to their creditors, or if it would drastically affect their income tax ...
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