Attorney Thomas B. Burton discusses how many trustees you can name as Trustee of your Revocable Living Trust and discusses some of the pros and cons of naming multiple trustees or co-trustees.
For questions about this topic, or to suggest a topic for a future blog post, please contact my office. Click here to obtain my Free One Page Will vs. Trust Estate Planning Guide.
Full Video Transcript Below:
Today's question how many trustees can I
name as trustee of my revocable living
trust? The answer; it depends.
You can name one two or more trustees if
you wish in general if you're a married
couple we often the name both husband and
wife as initial trustees of the
revocable living trust then if you
should die or become incapacitated you
pick someone else to take over as
trustee when husband and wife are alive
they often serve as co-trustee with
each having the power to act alone
however after you die you can also name
co-trustees for instance if you want
two of your children to act together as
trustee that's totally fine please be
aware if you name them as co-trustees
talk with your attorney about whether
they must act jointly or separately
there's pros and cons to each method and
your attorney will be able to advise you
regarding your situation and which one is
best if you wanted to name three
co-trustees you could even do that I
caution against naming too many
co-trustees because of ease of
administration concerns and remember if
you say they must act jointly they're
all going to have to sign for each
action but in general it's up to you how
many trustees to name and the right
answer depends on your specific
situation.
Great question if this has been helpful
please like comment and share this post
and feel free to submit your questions
for future video blog question and answer
sessions.
© 2018. Law Office of Thomas B. Burton. All Rights Reserved.