Wills and Trusts:


When you are creating your trust, you can choose to split the job of trustee among several people. Two or more trustees are referred to as co-trustees. When selecting co-trustees, many people choose to include both professionals and non-professionals. For example, you may select a family member as one co-trustee and a lawyer or tax professional as the second co-trustee. As the trust creator, you can decide how the co-trustees will make decisions. Make sure you create a mechanism for resolving disputes. Additionally, if you name a family member as a trustee, make sure you name another relative as successor in the event that the original co-trustee dies or becomes incapacitated.

Wills and Trusts: Choosing a Trustee