If you create a trust that will be binding on your descendants, it’s important to build flexibility into the trust, because you don’t know what the future will bring.
Such trusts may have an institutional rather than an individual trustee because of the difficulty in arranging for successors. Yet an institutional trustee may be merged with another firm across the country or prove unsympathetic to future beneficiaries.
Thus, you should put in some mechanism for replacing the trustee. A trustee might be removed by a majority vote of the trust beneficiaries, as long as the new trustee is a firm of a certain size, unrelated to any of the parties.
Insight: This replacement power may give the beneficiaries some leverage in getting better service from the incumbent trustee.