We have covered many aspects of estate planning and the probate process on this blog, from naming a trustee to the benefits of a trust (such as avoiding court) and probate disputes. However, there are many other issues that may arise with respect to trusts. For example, you may need to find a new trustee. There are a number of reasons why people decide to change the trustee, but it is important to understand the unique details related to the trust in question and move forward accordingly. For example, the approach varies depending on whether the trust is revocable or irrevocable, for example.
With revocable trusts, grantors may decide to revoke their trust and set up a new trust with another person appointed as trustee. On the other hand, irrevocable trusts can be more complicated, but you may be able to remove the trustee of an irrevocable trust. For example, if all beneficiaries and the grantor are in agreement, the modification of an irrevocable trust may move forward. However, it is essential to bear in mind that there are many unique details which apply to each situation, such as state laws, the ability of grantors and beneficiaries to cooperate and come to an agreement, and other factors.
Depending on your estate plan and personal circumstances, changing the trustee may be relatively simple or more complicated. However, it is important for you to do what is best for those you love and your estate. Our trust page provides more info related to appointing a trustee.
