How Long Does It Take To Remove A Trustee?

Steps for Removal of Trustee in Tracy, CA

Common Reasons for Changing or Revoking a Trust

Trusts can figure prominently in estate planning. Living trusts are established when an individual makes plans for his or her estate and are controlled by the person who established until the time of his or her death. A trust can also be established in a will for the beneficiaries by the deceased. Some trusts are easy to change, while others can be difficult, depending on the circumstances under which it was established. Any time you want to create, change, or revoke a trust, it is important to seek the help of an estate-planning attorney in Tracy to make the process easier and ensure you adhere to the complicated requirements under the law.

Reasons for Changing a Trust
Changing a trust, or modifying it, for any reason is relatively simply if it is revocable. Your lawyer can help you write an amendment to the trust that is attached to the original document. This kind of modification is ideal for minor adjustments in terms that don’t dramatically alter the trust, such as tweaks that provide inheritance tax or adding a beneficiary. For major modifications, revoking the trust may be easier than attaching a number of amendment. Irrevocable trusts are more difficult to modify. The consent of all beneficiaries is required, regardless of the reason, and your lawyer must demonstrate to the court that there is a legally valid cause for amending the trust. Either the person who established the trust or his or her beneficiaries can request the modifications. Generally, these modifications are requested for tax savings or to change beneficiaries.

Reasons for Revoking a Trust
Revocable trusts are dissolved for a number of different reasons. Divorce commonly triggers the dissolution of a trust that was created jointly. Changes in financial situations, beneficiaries, property ownership, and company ownership can also lead people to revoke trusts to change the way they are managing their assets. In some cases, a trust is revoked and rewritten by a will lawyer when several modifications are required at one time. Fortunately, a lawyer can help you determine when to modify a trust and when to revoke it.

When Can a Trustee Be Removed?

Trusts can be crucial to your family’s future, so in some cases, it may be necessary to remove a trustee from his or her management position. If you suspect that a trustee should be removed, then consult with your lawyer. There are some very specific circumstances in which a trustee should be removed, so talk to your attorney in Tracy or Livermore if you suspect that any of these issues are occurring.

Neglecting Assets
Part of being a trustee is ensuring that the assets in a trust are managed appropriately. To do so, the trustee must not use the assets in a way that devalues them or waste them. In some cases, a trustee may be inattentive, causing the value of the assets to fall, or in other cases, the trustee may be incompetent and devalue the trust through improper management. In either of these cases, removing the trustee from the case may be warranted to protect the future of the trust. Your lawyer can evaluate the actions of the trustee and decide if taking action to remove the trustee is appropriate.

Not Complying with Terms
Whenever a trust is established, there are specific terms associated with it that must be followed by the trustee who administers it. The trustee is legally bound to both adhere to the terms of the trust and act in the interest of the beneficiaries. If he or she violates these terms, then your lawyer may petition to have him or her removed as trustee on your behalf.

Conflict with Beneficiaries
A trustee should have a neutral feeling towards beneficiaries and should never engage in conflict with one or more members. These kinds of disagreements can interfere with the trustee’s ability to act in the best interest of all of the members of the trust and therefore compromise his or her ability to fulfill the duties of a trustee. Lawyers will frequently move to have a trustee removed if such a conflict arises.