A trustee is the person responsible for managing the assets of a trust for the benefit of the beneficiary. The trustee has a fiduciary duty to manage the assets according to the trust. Generally, the settlor who created the trust names a trustee to manage the trust. However, if the trustee has not been named, a court may appoint a trustee.
A trustee may also be removed through the courts by a request from the settlor, a cotrustee, a beneficiary, or the trustee him or herself. The court will likely remove a trustee if the following occurs: the trustee committed a serious breach of trust; lack of cooperation among cotrustees substantially impairs the administration of the trust; the court determines that removal of the trustee best serves the interests of the beneficiaries; or there has been a substantial change of circumstances, the court finds that removal of the trustee best serves the interests of the all of the beneficiaries, and is not inconsistent with a material purpose of the trust. Our attorneys can assist you in removing or appointing a trustee to protect and manage your assets. |
