Naming someone as a trustee is a crucial decision that should not be made lightly. The person chosen as trustee has a lot of responsibility and it is important that the person be committed to the role for as long as needed. However, there are times when your trustee might want to quit, and you will need to name someone else if you are still alive. However, if you have already passed away, the process is more complicated, especially if you failed to name a successor trustee. You will need a probate attorney Sarasota residents trust to help you work out the details, but we can give you a basic overview of what happens during trustee succession here.
What is Trustee Succession?
Trustee succession is something that all probate attorney Sarasota offices can help you set up in advance should your trustee need to resign or they themselves pass away. Trustee succession is simply the transfer of power from one trustee to another. It is most beneficial to appoint a successor, or back up trustee, while you are still alive.
Trustees are limited in the ways they can resign from a trust if they are not dying, and probate attorney Sarasota offices will need to be used to ensure the provisions of the trust are being duly followed when it comes to a resignation and new appointment. The court has the final say of if a trustee can resign and if the successor will be found fit and appropriate to be appointed.
Trustees cannot be fired by anyone or forced to resign by anyone other than the court. Trustees that are replaced usually happen in probate court and can be by the court’s own motion or another person involved in the estate such as the executor or beneficiaries. Motions to remove a trustee are usually made because of a breach of trust, the trustee fails to act in the best interest of the principal or becomes insolvent; as well as if they are unable to or refuse to properly execute their duties. Contact a probate attorney Sarasota office to help in filing motions to replace a trustee, or if you are a trustee and want to resign.
If you have more questions about trustee succession, call The Law Office of Kimberly K. Muenter at 941-845-6412.