The Advanced Guide To Selecting Co-Trustees

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In this post we address the designation of trustees and co-trustees and the different ways to arrange their relationship.

For purposes of this post, there are two types of trustees and co-trustees.

First, there is, what I call, the temporary trustee. This is when a parent or parents set up a revocable living trust to avoid probate, and they designate a successor trustee or co-trustees to handle the distribution of assets after the parent or parents die. This role is often temporary, lasting days or weeks. The trustee of co-trustee of an RLT typically sells the family home and deals with banks and brokerage institutions, making sure that distributions are made to trust principal beneficiaries in accordance with terms of the trust instrument.

The other kind of trustee or co-trustee, for purposes of this post, is the role that will last for years or decades. Perhaps parents don't want to leave a lump sum of money to one of their adult children. So they provide that after the parents die, that child's share will continue to be held in trust for, perhaps, the lifetime of the child. Here, the trustee or co-trustee designation is critical because the trust will last for many years, and the trustee or co-trustees are likely to have the authorization to exercise their discretion regarding distributions to the child/beneficiary.

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Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450