If you are a beneficiary of a trust in Illinois and you have questions about how the trustee is handling the assets, you might be wondering if you can, and should, have him or her removed. Your hope is that the grantor of the trust thought everything through and made the best choice possible, but there are some valid and legitimate reasons why a trustee should be removed. Since the assets are being managed over many years, and are often substantial, it is important to make the best decision for everyone involved.
According to FindLaw, complications can arise when removing a trustee so it is always a good idea to get an experienced attorney involved. The process is typically easier when you have a good reason for wanting to remove the trustee. One reason is if there is hostility or bad communication between the trustee and beneficiaries. Another one is if the trustee is not fulfilling the terms of the trust.
Mismanagement of the assets, either by devaluing the funds or using them for self-benefit, is an extremely valid reason to have a trustee removed. In fact, the American Bar Association says not only should a trustee be removed in this case but the beneficiaries can also sue for reimbursement in certain circumstances.
If you choose to remove a trustee, the grantor may have outlined how to do so in the trust. However, if this procedure is too easy, the beneficiaries, or even the grantor, may take advantage of this. A better way is to involve a third party, preferably a lawyer, who is not personally involved in the outcome of removal.