In a recent case out of Pennsylvania, Trust Agreement of Edward Winslow Taylor, the Pennsylvania Supreme Court considered the ability of trust beneficiaries of an irrevocable trust to remove a corporate trustee. The court unanimously held that the Pennsylvania Uniform Trust Act (UTA) did not allow the beneficiaries to remove the Wells Fargo trustee. The court looked at the applicable Pennsylvania statute and held that, based on the statutory construction, the UTA dictated strict requirements for replacement of a trustee that were not met by the beneficiaries.
See Michael L. Mixell, Pa. Supreme Court Upholds Trustee Replacement Rules, Barley Snyder, August 18, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
