• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

Does it Make Sense to Appoint Co-Trustees?

Dennis D. Duffy · Mar 30, 2011 ·

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.

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Estate Planning, Trusts, Wills Revocable Living Trust, successor trustee

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us