Can I Trust My Pet Trustee?

Posted on August 17, 2009 by Danny Meek

 

 

 

What if my Trustee is not operating within the instructions and confines of my pet trust? Who is going to take care of this since I obviously will not be around.

T. O.                                                                                         Indianapolis, Indiana

Many of the trusts that we create have a Trust Protector or a Trust Panel to oversee the Trustee.

In addition, usually the Trust Agreement will provide the necessary steps for formal removal.

Some of the common terms are:

       Notice of removal shall be in writing and shall be delivered to the Pet Trustee being removed, along with any other Pet Trustees then serving.


       That the notice of removal of the Trustee shall be effective in accordance with its provisions.


       The Notice of appointment shall be in writing and shall be delivered to the successor Pet Trustee and any other Pet Trustees then serving.


       The appointment shall become effective at the time of acceptance by the successor Pet Trustee. A copy of the notice shall be attached to this agreement.

We will look at the role of the Trust Panel and Trust Protector later this week
 

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