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Testamentary account

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Jim Cole

Guest
The testamentary account is in New York City. The will left the bank as trustee 10 years ago. I am the beneficiary of the trust however the bank has been clearly managing the money poorly. I would like to change trustees. The will does not state anything about changing trustees. My question is "Do I have the legal right (in New York State to get another institution to be trustee? and if so what should be my first step? Is it as simple as sending a request letter to the currant trustee? Thank you in advance for your help.
 


ALawyer

Senior Member
It all depends on what the trust itself provides. (I do not recall a NY law that says beneficiares have a right to name a substitute trustee if they simply want to.)

If the Trust provides you can select a substitute institutional trustee you can do that. If it does not, then it would be incumbent on you to show (or threaten to show) mismangement, or impermissible self-dealing. Courts are loathe to find conservative investing to be mismangement. If there is a fair bit of money, it may make sense to see a lawyer now, regardless of what the trust says, and attorneypages.com has lots of good lawyers who do that kind of work. But poorly managing trusts is what most trust companies do, and trust documents and laws are often written to protect them and enable them to earn fat fees for mindless and often poor money mangement.

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This is intended as general information only and NOT LEGAL ADVICE. You are not my client, and I have no obligation of any kind to you. To retain a lawyer, go to http://AttorneyPages.com
 

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