Why hire an outside trustee?
There are five critical reasons why this may be necessary:
1. If appointing a family member or friend will cause conflict within the family or if there is no one qualified to perform as trustee.
2. If the designated professional trustee (a bank or trust company) declines to serve because of the size or terms of the trust.
3. If the beneficiaries are unhappy with the appointed trustee, and the trust states that the beneficiaries may replace the trustee.
4. If the current trustee resigns their position as trustee.
5. If the current trustee has failed to act.
If you believe your trustee is not doing their job and you want to replace them, you will need to show proof that your trustee is not fulfilling their duties.
What are the Qualities of a Great Trustee?