Trustees hold enormous power over your financial future. If they make wise decisions, it can ease your financial future. If they make poor ones, you could see your inheritance withered away to nothing before you know it.
If you keep an eye on the decisions they make, you may notice things you are unhappy about. Does this mean you can seek to have the trustee removed? You may be able to if one of the following is true:
They are unable to do the job
This would typically refer to a trustee having a medical condition that prevents them from fulfilling their role effectively. For example, they suffered brain damage in an accident and now lack the ability to reason which got them the role in the first place.
It might also come into play if one of them no longer has the time to dedicate to the role. Perhaps they have become too busy, or have moved to another country with less facility to carry out the tasks they must do.
They cannot work with the other trustee(s)
Some people choose multiple trustees. It can offer security, as they provide an automatic check on each other’s decisions. Yet, sometimes two or more trustees disagree so much that they cannot actually make the decisions needed. In this case, you may look to replace one, or all of them.
They have breached their fiduciary duty
Perhaps you suspect a trustee has ulterior motives for their decisions, such as turning a profit for themselves or a friend. Clearly this is unacceptable.
Removing a trustee can be challenging, so consider legal help to examine your options and chances of success more closely.
