Problems with Standby Trustee
My father passed away last year. Prior to his passing he assigned a trustee and a standby trustee. During the past year the trustee has located some of my dad's offshore investments. One of the investment company will not release any information about my dad's investment unless the standby trustee provides passport and contact information. The standby trustee refused to comply which prevents the trustee to complete the task. Does the Trustee has grounds to request removal of standby trustee? Will my dad's personal representative be able to request removal of standby trustee if the Trustee is unable to do so?
1 Answer from Attorneys
Re: Problems with Standby Trustee
I would have to see the trust, however, there is usually a procedure in the trust for removal of a trustee when they are deceased, missing or non-responsive. Anyway, the successor or standby trustee is in breach of fiduciary duty and subject to suit by the beneficiaries.