The role of trustee comes with some very serious responsibilities. For example, if you are the beneficiary of a trust, you will expect the trustee to make financial decisions for the trust that are in the best interests of you and any other beneficiaries. Because of this high level of trust that beneficiaries must have in trustees, the law holds trustees to a very high standard.
In general, there are several people that have the power to remove a trustee who is not adequately performing his or her duties. This usually includes the beneficiaries, the court and any other individuals that the trust documents grant this power to. There are several reasons why you should remove a trustee.
Not adhering to the terms of the trust
One of the reasons why you, as a beneficiary, might be able to remove a trustee is for failure to follow the directions of the trust. If the trust grants you and any other beneficiaries the power to remove the trustee, then you can remove the trustee. If the trust does not allow you this power, then you can petition the probate court in Maumee that has jurisdiction to remove the trustee.
Inability to meet obligations
Trust documents usually specify the kind of obligations and duties the trustee has in relation to the trust. If the trustee cannot fulfill these obligations, then this is usually a good reason to remove the individual.
Conflicts of interest
In general, the trustee shouldn’t benefit financially from administering the trust. If the trustee is controlling the assets and making decisions that will benefit him or her instead of the beneficiaries, then it is time to remove the trustee’s authority. Either the beneficiaries or the court can take steps to oust the trustee in order to protect the trust.
If you are the beneficiary of a trust and you believe that the trustee is not acting in the best interests of the beneficiaries, then you may be able to remove the trustee. In addition, you might be able to take legal action if the trustee has defrauded the beneficiaries or misused the trust’s assets.