When your loved one passes away, the trustee is responsible for administering the trust. This individual must adhere to the terms of the trust, communicate with beneficiaries and manage assets properly. Unfortunately, not ever trustee lives up to these expectations.
If you feel dissatisfied with the trust administration, it may be possible to remove the trustee. The trustee removal process must rely on Nevada laws. Here are several reasons why you may be able to remove the trustee from his or her position.
Failing to follow the trust document
A trustee has legal ownership of the trust assets. This means he or she is endowed with the responsibility of following the trust document to the letter. When a trustee fails to fulfill the written wishes of the creator of the trust, you or another beneficiary may be able to file a removal petition with the court.
Poorly communicating with beneficiaries
One of the core duties of a trustee is to communicate consistently and clearly with the beneficiaries of the trust. This includes issuing statements regarding tax reports and accounts. If you do not receive regular contact from the trustee, this may be a sign that he or she is neglecting this responsibility. However, it may be worse than receiving inadequate communication. The trustee may be openly hostile towards you or other beneficiaries.
Mismanaging assets
The trustee must oversee and deal with the trust assets in a way that does not devalue or waste the funds in the trust. Incompetence or negligence may cause a trustee to breach this fiduciary duty. A trustee may mismanage assets by making unwise investments or engaging in self-dealing. If the trustee is depleting the value of the trust assets or using the trust to his or her own benefit, you may be able to get the probate court to remove him or her from the position.