Creating a trust is one of the most important parts of putting together your estate plan. But, did you know that you can change the trustee whenever you see fit? That's right; the trustee you choose is not set there for eternity. You can make a change for whatever reason you deem. It is your estate plan and your trust, why shouldn't you be allowed to change your preference?
There is usually one hiccup that can come into play when trying to change the trustee of your trust. This is when there is a co-grantor (creator of the trust) named on the trust. You will both need to agree to change the trustee and appoint a new one.
It's important to review the successor trustees named in the trust. Determine if you'd like to replace them as well while replacing the trustee. There is nothing written that says you must replace the successor trustees when you replace the trustee. You can replace any of them without replacing the others.
Speak with the trustee you are replacing so they are informed of the decision and not surprised at a later date. The same can be said for the selection of a new trustee. You will want to let them know they have been chosen and what their responsibilities will be when the time comes.
When replacing a trustee, you will need to create an amendment to the trust. This should only be done with the help of an experienced family law attorney.
Now that you know you are allowed to change the trustee of your trust at your choosing, you should review who it is and make any necessary adjustments. Make sure you speak with your family law attorney so that the changes are done correctly.