Can I Change the Trustee of a Trust?
Because there are several types of trusts, such as revocable and irrevocable, there is no single answer as to how you can change the trustee of a trust. The trustee is the person in charge of the money. He or she must follow the instruction in the trust and distribute the money according to those instructions. Trusts are generally intended to help families avoid complex probate problems, probate fees, and taxation.
Revocable, living trusts are generally the easiest to adjust. In fact, the grantor, the trustee, and the beneficiary are often the same person. In addition, with these trusts, it is fairly easy to execute a power of attorney to add another trustee to the trust. However, a lawyer will have to draft any changes to the trust to ensure the changes are legal and appropriate.
Irrevocable trusts are more difficult to adjust. If the trustee is alive, he or she must give consent over the change. If the trustee has passed away, then the beneficiaries must agree on a new trustee and amend the original trust.
Changing the trustee of a trust is not an easy task. Generally, you will need to hire a lawyer to ensure that the intent of the original trust remains intact. If there are several beneficiaries trying to access the same assets, a lawyer becomes a necessity.