Removal of Co-Trustee

[mytwogirls]

What is the name of your state? KS
My father passed away a short time ago and he named his wife and a bank as Co-Trustees. He also named 4 beneficiaries in his will and Trust. His wife wants to remove the current bank and use another bank as Co-Trustees. Do all of the beneficiaries have to agree to this or just the majority 3/4?

 

[BlondiePB]

What is the name of your state? KS
My father passed away a short time ago and he named his wife and a bank as Co-Trustees. He also named 4 beneficiaries in his will and Trust. His wife wants to remove the current bank and use another bank as Co-Trustees. Do all of the beneficiaries have to agree to this or just the majority 3/4?

This is not a matter for the beneficiaries.

 

[mytwogirls]

removal of co-trustee

Thank you for your reply. I wanted to add more information. My father had it set up that his spouse was to receive the income from his trust and my siblings and I would get the principle at her death. She does not like who the current is bank is as Co-Trustee. She has mentioned on several occasions that she is shopping banks and need our signature to do this.

 

[BlondiePB]

Thank you for your reply. I wanted to add more information. My father had it set up that his spouse was to receive the income from his trust and my siblings and I would get the principle at her death. She does not like who the current is bank is as Co-Trustee. She has mentioned on several occasions that she is shopping banks and need our signature to do this.

You're welcome. The problem here is that no one can read the trust document. The Trustees are the fidicuaries who make this type of decision which is "spelled out" in the trust document.

 

[Dandy Don]

Talk to a trust attorney about this. She can probably change banks, but it will be an expensive legal battle that she will have to fight in court and the cost might be deducted from the trust. She can't just decide to change banks just because she doesn't like the current one--there must be some type of legal breach of fiduciary duty and that hasn't occurred yet.