QUESTION

Is it advisable to change three trustees to one?

Asked on Mar 22nd, 2013 on Estate Planning - Florida
More details to this question:
Current family trust includes three surviving children as co-trustees. Trust assets include real estate property, primary in Florida, second in Iowa as well as investment accounts. Current recommendation is to amend trustees to ONE child.
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1 ANSWER

Robert Barnhill III
MJB - personally I do not like having co-trustees.  It is very inefficient.  I would select one child to manage the trust.  That child should be the one who has the skills to be a trustee.  If you're concerned about what the other children might think, you can put in safeguards to prevent the trustee from running amok.  Example, require signed approval from the other children before the trustee can sell assets of a certain dollar amount.  You can always divide the trust into 3 separate trusts and let each child be the trustee of their own trust, but you have to understand this might incur extra cost that could be avoided by having a single trust.
Answered on Mar 22nd, 2013 at 3:11 PM

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