Q: Trust attorney won't allow for 3 co-trustees. Not what they like to do. How does the trustee insist that it must be ?
The original trustee was deemed medically incapable of handling her trust so her co trustee was moved into the position. The new trustee wants help with it, being she is not knowledgeable of the handling of the trust and has health conditions that make it hard for her to get around. She would like her son and myself (daughter in law) to act as co trustees along with her. She needs our support. She asked to make that change but was told that she would have to step down. None of us want that.
A: Think of the trust as the official rules book because everyone is required to follow the terms of the trust. If the trust you are working with says three co-trustees are allowed, then you can do it, so long as you follow the requirements set out in your trust. If three co-trustees is not allowed by the terms of your particular trust, then you can't do it regardless of how badly you want to do so -- unless there is some other provision allowing the trustee to petition the court to amend the trust, or some other remedy. It's possible for the current trustee to resign and the next trustee in line steps up, but only if the current trustee wants to do so and that is allowed by the trust. It is incredibly difficult for a lawyer to advise someone about trusts without reading the specific trust with which a person is working. I can say that it becomes difficult requiring three people to sign each and every document. What do you do if one person is on a remote camping trip and something must be signed ASAP? So, your lawyer may be addressing the practical reality of having three co-trustees, rather than whether or not it is allowed under your trust. I hope that helps!
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