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[00:00] OPENING MUSIC
[00:13] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on June 9, 2023, to help educate our listeners on various legal scenarios.
[00:28] Followed by last week’s introduction to the removal of estate trustees, this week’s topic further elaborates on the reasons as to why estate trustees are removed.
[00:38] For instance, if the estate trustee takes compensation from the estate assets when the will prohibits it, the trustee is in breach of the fiduciary duty and trust. In addition, a trustee is usually vested with power to manage and invest the funds of the estate. If the trustee invests the funds in excessively high-risk investment options leading to significant loss of the estate, it may amount to mismanagement of the estate.
[01:07] In situations where two co-trustees disagree with each other, the Court may also consider removing both trustees altogether and appointing somebody else as a substitute trustee. More often, when a trustee cannot act impartially by personally benefiting from the estate, the Court may remove the trustee for conflict of interest.
[01:29] In Ontario, an individual who has a financial interest in the estate can apply to the Court to have the estate trustee removed, replaced or not appointed at all. Such an application is one of the common types of estate litigation.
[01:44] Landmark Law assists beneficiaries to challenge the estate trustee in the administration of an estate. Please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book
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