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Wednesday, December 28, 2011 Should More Than One Successor Trustee Be Named?
The decision to choose more than on Successor Trustee to serve simultaneously may be based on several factors. Often one person possess all the necessary skills to serve alone. If this is not the case, co-trustee can be appointed and trust responsibilities divided. If co-trustees are appointed, the trust agreement should state the specific responsibilities of each Trustee and how joint decision are made.
Another benefit of naming multiple co-trustees is that if one of them resigns, becomes disabled or dies, the other co-trustee is already in place to continue the trust administration without any interruption. Without this protection, the beneficiaries must deal with the burden of deciding whom to appoint as a Successor Trustee.
A final benefit of naming co-trustees is that they can monitor each other so that trust assets are managed and distributed as the Trustmaker intended. Many believe that is simply good policy to make sure that multiple individuals are jointly responsible for the trust’s administration as it can help prevent the mismanagement, misuse or theft of the trust’s assets.
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With two offices in Wisconsin, the Wisconsin law firm of Hooper Law Office assists clients with Wisconsin estate planning, asset protection, trusts, wills, estates, probate administration, trust settlement, probates, medical assistance planning, Medicaid planning and eligibility, nursing home planning, long-term care planning, elder law, business exit planning, business succession planning, special needs planning, retirement planning, charitable giving, family limited partnerships, wealth transfer planning, and real estate and transactional law. With over fifteen years of experience practicing law, Hooper Law Office is an experienced estate planning law firm with attorney Foss Hooper. They are trust attorneys, probate attorneys, asset protection attorneys, Medicaid attorneys, elder law attorneys, corporate attorneys, and real estate attorneys serving Outagamie County, Brown County, Cities served include include: Appleton, Green Bay, Clintonville, Oshkosh, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.
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