Is it advisable to have two children to be successor trustees on a living trust or just have one? Both of our children get along with each other.
Is it advisable to have two children to be successor trustees on a living trust or just have one? Both of our children get along with each other.
Is it advisable to have two children to be successor trustees on a living trust or just have one? Both of our children get along with each other.
I believe that a bank's trust department will provide that service, obviously for a fee.
Thank you all for the suggestions and sharing how your trusts are setup. Wife and I have decided to require that both daughters act jointly. The trust stipulates this. They’re 1000 miles apart VA and FL, but we figured if they want any piece of the estate, they will be forced to work together. Hopefully, this doesn’t happen very soon.
In addition, with the trust being revocable, we have the option to make amendments should there be a need. Hopefully, we shouldn’t as it’ll be more $$$ to our lawyer for any future amendments.
The next decision we need to make is whether to give each daughter a copy of the trust. Both are splitting all assets 50 50. When did or did you all notify your successor trustees?
You really should ask a person (people) if they would be willing act as successor trustee before you name them in the trust. I would also ask if they are willing to be co-trustee with their sister. It may make a difference. If it is only the two of them as beneficiaries, I wouldn't worry about giving them copies of the trust papers. No dollar amount or account numbers need to be disclosed if you don't want to.