Sample Petition To Remove Trustee With Trust
Description
How to fill out Tennessee Petition For Removal Of Trustee And Appointment Of Substitute Trustee?
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FAQ
A beneficiary can renounce their interest from the trust and, upon the consent of other beneficiaries, be allowed to exit. A trustee cannot remove a beneficiary from an irrevocable trust. A grantor can remove a beneficiary from a revocable trust by going back to the trust deed codes that allow for the same.
The trustor may have included provision in the trust for a third party, such as an attorney, to remove the trustee under certain circumstances. The trustee can also request their own removal voluntarily if they believe they are not fit for the role.
Trustees must generally provide written notice of their resignation to the trust's beneficiaries and co-trustees. The trust agreement or state law may specify additional notice requirements or timeframes.
Other factors considered in deciding whether to remove a trustee are whether the hostility involves more than one co-trustee and whether the hostility is coupled with a conflict of interest on the part of the trustee who is the object of removal.
A petition for removal of a trustee can be filed by either a co-trustee or a beneficiary. The petition may also seek financial damages from the trustee. Sufficient evidence needs to be submitted to show the court that the trustee violated the terms of the trust agreement or their fiduciary duty.