Deciding on a successor trustee for your Revocable Living Trust can be a challenge, and sometimes clients want to appoint two trustees to serve simultaneously. While in this can be a good strategy in certain limited circumstances, it is not always the best idea.
For instance, if you have two trustees in mind who work exceptionally well together, and you want to name them co-trustees because one is excellent at managing money and the other the other has interpersonal skills that will help in dealing with difficult beneficiaries, it may be a good idea to appoint them to serve together.
However, what about the situation where a parent has two children and just doesnt want to choose one over the other? Appointing co-trustees for this reason can be counterproductive. Unless co-trustees are extremely cooperative with one another, having more than one person at the helm can slow down the trust administration process.
Having co-trustees means that paperwork has to be reviewed and signed by two people, which can delay your beneficiaries receipt of your assets. It also leaves open the possibility of a disagreement between the trustees themselves. And when two trustees simply cant agree on the best course of action, often their dispute ends up being resolved in court. The result is extra time and money expended in settling your trust.
If you are having difficulty deciding who should serve as your successor trustee, dont hesitate to ask your estate planning attorneys advice. He or she can help you explore all your options and choose the best person for the job.
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