When someone creates a trust in Wheat Ridge and Jefferson County, they appoint a person to manage that trust, called a trustee. Trustees are tasked with managing the finances related to the trust. It is a position that requires reliability and trust, and sometimes, a chosen trustee ends up falling short on their requirements. Let’s look at some common reasons why it may be time to ask the court for a trustee change.
Common Issues Related to Trustees in Jefferson County: Is it Time for a Change?
The Trustee is Not Forthcoming
It is the trustee’s responsibility to keep detailed records regarding the funds in the trust. If the trustee is not willing to share this information or is not keeping up with the documentation related to the trust, it can cause serious issues. You may worry that funds are being mismanaged or even being stolen. In these cases, it may be prudent to request someone else take over as trustee.
The Trustee is Not Responsive
As a trustee, you need to be available to communicate with beneficiaries and other people related to the trust. If your trustee is not easily reachable or does not get back to you in a timely manner, then it may be time to seek out a new trustee. Not being able to reach your trustee can cause a lack of faith in the job that your trustee is doing.
The Trustee isn’t Following the Terms of the Trust
All trusts have rules and those rules serve a purpose. If the trustee is not following those rules, then you may have grounds to have the trustee removed. Yes, a trustee does have management rights over the trust, but they must still follow the obligation to hold true to the terms of the trust.
There is a Hostile Relationship Between You and the Trustee
Communication is important when it comes to a trustee and beneficiaries. If a hostile relationship has developed between the trustee and one or more of the beneficiaries, it can affect the amount and type of communication they will have. You don’t want to deal with hostility or negativity every time you need to talk with the trustee about an issue.