ESTATE PLANNING- HOW CAN A BENEFICIARY REMOVE A CORPORATE TRUSTEE IN FAVOR OF A DIFFERENT TRUSTEE IF THE BENEFICIARY IS NOT SATISFIED WITH THE CURRENT CORPORATE TRUSTEE’S SERVICES?
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Estate Planning Lawyers, announces the question of the month: “How Can A Beneficiary Remove A Corporate Trustee In Favor of A Different Trustee If The Beneficiary Is Not Satisfied With The Current Corporate Trustee’s Services”?
First, he should check the trust document to determine if there is a “portability” clause which allows removal of the corporate trustee and appointment of a successor trustee, thereby making the trust “portable” from one corporate trustee to another. If the document has one, then he follows the document’s provisions. If the trust document does not contain a portability clause or the relevant portability clause is inadequate to effect removal, the beneficiary may have to petition a court to remove the corporate trustee.
Fortunately, in Pennsylvania, a corporate trustee may be removed from its office despite the trust document’s lack of a portability clause. Section 7766 of the Pennsylvania Probate, Estates and Fiduciaries Code permits removal of a trustee.
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