Estate Planning Pitfall – You haven’t provided for the removal of a trustee

Description

Abstract: When estate planning, most people put a great deal of thought into selecting the right trustees to carry out their wishes and protect their beneficiaries. But it’s also important to establish procedures for removing a trustee in the event that circumstances change. Failing to do so doesn’t mean beneficiaries will be stuck with an inadequate trustee. But they’ll have to petition a court to remove the trustee for cause, which can be an expensive, time-consuming and uncertain process. To avoid this, the trust agreement should include procedures for removing a trustee and include a list of successor trustees.