Trustee, Ineligibility
In addition to those who are ineligible as a
minor or
incompetent
individual, any person or entity
nominated to serve as
trustee may simply choose not to
accept the position. Entities must also meet eligibility standards
established by Pennsylvania law. (As there are thousands of businesses in
Pennsylvania, the best source of any individual business entity's
eligibility is the entity itself, which may disclose whether it meets
Pennsylvania's requirements.)
Any trustee may also accept the appointment and then later resign by
obtaining approval from the
Orphans' Court. A trustee may also resign with the written approval of
each competent adult trust beneficiary. The Orphans' Court also has
the power to remove any trustee who is not satisfying the
fiduciary obligations to the
trust beneficiaries, such as
when the trust property is being
mismanaged. This will generally be done to protect the assets under that
trustee's control.
See: Trustee, Eligibility;
Trustee, Role and Duties
