Can a co-trustee be named in an estate plan?

Here’s one such hazard: When people with children set up their estate plan they often feel that they should treat them all equally by naming them all as co-trustees. Sounds fair and just? On the face of it, yes. But as an experienced estate planning attorney I invariably find myself cautioning these parents.

When do siblings act as co-trustees?

If “favoring” one offspring over another as trustee would lead to severe tension among siblings, it is probably best to name a third party as the trustee. As for treating all children equally – every legacy and every estate plan provide for ample opportunity to ensure that each sibling receives his or her fair share.

What are the powers of a co trustee?

If a co-trustee does not agree with another co-trustee’s action or decision, they have the authority to object in writing and, if necessary, submit a petition in probate court to try to prevent it.

Can a living trust have more than one trustee?

When a grantor creates a living trust, they name a trustee responsible for managing the trust’s assets on behalf of the beneficiaries. Sometimes, trusts can have more than one trustee, or co-trustees, who split the duties according to instructions.

Why did my sister take over my mother’s estate?

Your sister appears to have overstepped her role as executor, and views it as a free license to do as she pleases, and lord it over the rest of you. She is beholden to the laws of her state where your mother died, and must act accordingly.

What can a trustee do on the house when a person dies?

What Can a Trustee Do on the House When a Person Dies? Generally speaking, a trustee, the person in charge of a trust, has authority to sell, transfer, or otherwise convey real estate to the beneficiaries, although the creator, called the grantor, may have provided specific instructions or limited this individual’s powers in some way.

Who is the executor and trustee of my father’s trust?

A: As Executor or Trustee (I think you mean Trustee of your father’s Trust) your sister ultimately is responsible for handling your father’s Trust. While she can get your input, she will be responsible for making the final decisions.

What happens to a revocable trust when the settlor dies?

A settlor can change or terminate a revocable trust during their lifetime. Generally, once they die, it becomes irrevocable and is no longer modifiable. In the legal agreement, the settlor names a successor trustee.