Replacing a Trustee, Five Circumstances to Watch
When your loved one created his or her trust, you may have been named as the successor trustee. This means that after your loved one has died, you are in charge of administering the trust. Even after taking over this role, your appointment is not necessarily permanent, however. There are certain circumstances where replacement in your role as trustee could happen.Of course, if a trustee acts in a manner that harms the trust assets, or the interests of the beneficiaries, replacing a trustee is possible.
Circumstances Where Replacing a Trustee May Happen:
- If the trustee dies during the trust administration.
- Trustee resigns during the trust administration.
- The trustee is placed under a conservatorship during the trust administration.
- When the Court of Law declares that a trustee is incompetent.
- In the situation where the trustee files for bankruptcy during the course of the trust administration.
To learn more about how the successor trustee is chosen, we encourage you to view our article, “How Do We Decide Who Serves as Successor Trustee?”
Interested in learning more about the probate and trust administration process in California? Find us on YouTube, where we regularly share helpful videos about all of the issues and responsibilities that arise during this process.