QUESTION
How could we remove a co-trustee from our mothers will?
Asked on Sep 09th, 2015 on Estate Planning - Colorado
More details to this question:
Mom's (now deceased) living trust named her broker as a co-trustee and they've taken over everything with exorbitant fees. The trust includes a clause that says that the remaining beneficiaries can remove a trustee by delivering an "instrument in writing executed with all the formalities of a deed". What kind of document is this?
11 ANSWERS
Probate Attorney serving St. Louis, MO
at
Edward L. Armstrong, P.C.
Update Your Profile
The document can be very simple - a letter signed by the beneficiaries removing the trustee. If this trustee is a corporation it may contest your action in court but probably won't.
Answered on Sep 10th, 2015 at 7:03 AM
Look on line as to what your state law requires to be in a deed of trust [probably whether has to be notarized and/or witnessed] and then prepare such a document where all the beneficiaries give reasons for the broker to be removed and speak to a local estates and trust attorney to see whether it would be economically worthwhile to sue the broker to recover some of the fees [it may not be].
Answered on Sep 10th, 2015 at 5:08 AM
Edwin K. Niles
Please, this is not the time for do-it-yourself brain surgery. See a lawyer who specializes.
Answered on Sep 09th, 2015 at 10:42 PM
Your task includes removing the surviving co-trustee and appointing a new trustee. Look for the power to appoint the new trustee. If you also have that, you write a letter stating you are exercising the power, make two original copies have everybody sign them, have their signatures notarized. Send one certified mail return receipt requested, stamped at the post office and the other USPS First Class Mail. When you get back the post card, you have given the notice. Also check the trust Agreement to see if it specifies how notice is given. Before you do anything, make sure you understand the whole trust agreement. You might do all this work to not get what you desire.
Answered on Sep 09th, 2015 at 9:47 PM
Check with an attorney experienced in trusts. He or she can draw up the document removing the broker as trustee and file it with the appropriate entities, including the broker.
Answered on Sep 09th, 2015 at 9:42 PM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
The reference to "formalities of a deed" means that each beneficiary must execute the document stating the removal of the trustee and each beneficiaries signature must acknowledged by a notary public. In other words the beneficiary must sign the document in the presence of a notary public and the notary public must sign an acknowledgment and apply the notary seal.
Answered on Sep 09th, 2015 at 9:25 PM
It must be signed, dated and notarized.
Answered on Sep 09th, 2015 at 2:53 PM
3 Awards
I urge you to seek legal counsel. You may want to pursue the matter in court to enable recovery. This is opinion is solely based upon the facts presented in the inquiry. Additional facts may be important and may change the analysis. If you are uncertain, seek legal counsel. We are not your attorneys. This answer is being offered to assist you in determining if you need to retain legal counsel to assist you, not to resolve your issue through an email inquiry.
Answered on Sep 09th, 2015 at 2:36 PM
Wills and Estate Planning Attorney serving Sugar Land, TX
at
Law Offices of Kimberly D. Moss, PLLC
Update Your Profile
It appears that the trust requires a termination notice that is signed by the beneficiaries in the presence of a notary. Your best bet is going to be to consult with an estate planning attorney for guidance on how to get rid of the corporate trustee.
Answered on Sep 09th, 2015 at 2:31 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
You are advised to seek the services of a probate/estate trust attorney to prepare the document needed, since you do not have the experience to prepare the same.
Answered on Sep 09th, 2015 at 2:31 PM
It's a letter.
Answered on Sep 09th, 2015 at 2:30 PM