When Considering Co-Trustees
An estate planning attorney opens her conference room door. She finds an older gentleman sitting at the table, pleading with his two adult sons to settle down as to not embarrass him. It is unclear why the sons are arguing but they are.
Tempers simmer; the brothers realize the attorney is present.
The father tells the attorney he is in need of a trust agreement. He plans to make his sons co-trustees; both appointed with equal power and obligation to administrate dad’s estate once he dies or becomes incapacitated.
The eldest son makes a joke under his breath, implying because of his age, he will somehow have more authority than his kid brother. The younger brother isn’t amused and tells him so. Moments later they are engaged in another heated argument; both now oblivious to the attorney and father.
The attorney leans close to the father, lowering her voice to prevent the children from hearing. She asks if the siblings are close. The father admits they are not. – The attorney asks if they argue often. The father says it seems to happen whenever they are in the same room and so they avoid one another. – The attorney asks if the father is certain he wants his sons to serve as co-trustees. The father says yes, adding, ‘once I’m gone they will have to get along.’
Sadly for the father depicted in this illustration, sibling rivalries seldom fade with the death of a loved one. To the contrary, rivalries usually worsen when coupled with grief; even if both siblings are responsible, trust worthy, and honest.
It is best to consider and avoid potential conflict when choosing a trustee. A great many people choose family members or friends to serve. Others turn to fiduciaries to make decisions for beneficiaries. Ultimately however, it is your decision as to who will make the best choices in your absence; so please choose wisely.
For more information about wills, trusts or other estate planning documents, please contact a qualified estate planning attorney.
