Do you know what a trustee has to do in West Palm Beach? If you are worried about mismanagement and assets being wasted you may be able to petition the probate court to remove the trustee. Do you know what has to be put in your petition to remove a trustee? You are going to have allege sufficient grounds so it helps to learn what a trustee’s duties are.
Duty to Manage Assets Prudently
- One of the most important duties of your trustee is to manage the body of the trust for your (and other beneficiaries) benefit.
- This includes investing the funds prudently.
- Just because an investment loses money does not mean that it is imprudent though.
- The Court is going to ask would a reasonable trustee have made such a decision.
- That being said if your trust is routinely losing money you may be on the right track to proving mismanagement of funds.
- Experienced West Palm Beach probate attorneys are used to looking through the trust accounts and figuring out where the money is going.
Self-Dealing
- One big reason that a trustee should be removed is if you suspect (and can prove) self-dealing.
- A trustee should be acting for the benefit of beneficiaries, not themselves.
- For example did you know a West Palm Beach trustee cannot take a loan from the trust no matter how high the interest rate?
- A trustee cannot buy stocks out of the trust even at market rate for their own benefit.
- If you suspect self-dealing it is probably time to petition the court for a new trustee.
- So who do you pick?
Successor Trustees
- So you got the trustee removed, now what?
- You are going to have to find a successor trustee.
- Perhaps consider a professional trustee if your family members have been unable to manage the trust.
- Banks and other companies are more than willing to manage your West Palm Beach trust.
- That being said they may have a higher fee than your family members did as trustee(s).
- Experienced Palm Beach probate litigators know it can be tough to decide whether or not you want court intervention into this private matter.
- That being said you want to get court intervention before its too late.