Drafting a living trust in Anaheim requires a great deal of decision-making. One such important decision pertains to the provisions for removing successor trustees. Ideally, you will appoint a successor trustee who you think will do a fair and responsible job of managing the trust after you are no longer serving in this role. Unfortunately, things do not always go as planned. Your beneficiaries may be unhappy with the successor trustee. You may wish to include provisions in your Anaheim living trust to address such a scenario.
The following are examples of provisions for removing successor trustees that you could consider including in your revocable trust:
- Provisions for removing successor trustees can allow the beneficiaries to remove successor trustees based upon a majority vote
- Allowing the beneficiaries to remove successor trustees by unanimous vote is another optional provisions for removing successor trustees
- Allow only one specific beneficiary to remove a successor trustee
- Allow a co-trustee to remove a successor trustee
- Allow the probate court to remove successor trustees upon the petition of a beneficiary or other interested party
These are just a few of the common examples of provisions that are often included in revocable trusts to allow for the removal of successor trustees. It is important to remember that once a trustee is removed, there should also be provisions addressing the appointment of a new trustee to serve in his place. Our guide, Understanding the Revocable Living Trust – In Language that Anyone Can Understand in 8 Minutes, provides additional valuable information about how a trust works and what should be included. To learn more, contact an experienced estate planning lawyer in Anaheim today at (714) 282-7488.