Can a trust have more than one trustee?
Can a Trust have More Than One Trustees? It’s not always a good idea to have more than one trustee. Three Frequently Asked Question about Appointing Trustees
1 : How many trustees can a trust have?An trust can have as much trustees as the person creating the trust decides. There is no limit to the number of trustees that a trust can have. It’s common to have just one trustee.
In some circumstances, having two trustees could be better. Two trustees who are experts in different areas could be useful for a trust with more complex investments. It may make sense to have both trustees, if one is an attorney and the second is a financial adviser.
2: Is It Better to Choose More Than One Trustee?
Choosing more than one trustee can have a few advantages. Choosing
multiple Trustees
ensures that decisions will be made collectively. This will reduce the possibility of a family trustee making a mistake or a biased decision. This can also be a safeguard if a trustee is unavailable or incapable of performing their duties. Choosing more than one trustee can cause complications, such as delayed decision-making or disagreements. If you have more than one person as a trustee, make sure to coordinate their roles and responsibilities. If your trustees are involved at different levels, it might be best to select only one person. 3 Can I Change Who I’ve Already Listed?
Yes. You can change who you’ve already listed as trustee. The length of time it takes to complete this process depends on the type and structure of the trust. If you have a living trust that is revocable, you can change or remove the successor trustees at any time.
However if the trust has become irrevocable then making changes could be more difficult and require legal intervention. When making changes to a trust, it’s best to consult with an estate planning attorney. You can be sure that everything was done according to the law.
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If your need to create a new trust, or amend an old one, meet with Phelps LaClair’s experts. Our goal is to achieve
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