So I have a trust that exits until I am 60. I would like to remove my brothers and sisters as potential trustee's and I really don't want the bank to take over. So I am wondering if I could name, for example, my wife's father as the trustee of my account?
You can name any person you wish to act as trustee of your trust.
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Estate Planning Attorney
That depends on the terms of the trust document. Are you the grantor (or creator) of the trust If so, you may very well have the power to change the trustee to anyone you choose. Are you a beneficiary? If so, your right to change the trustee may be limited by the terms of the trust. If all of the current income and residuary beneficiaries agree, you may be able to change the trustee by agreement. You should consult with an attorney who is experienced with trusts and have him or her review the trust document with you.
Mr. Henline is licensed to practice law in the state of Minnesota. He has prcaticed for nearly thirty years and his practice focuses in the areas of trusts, estate planning and probate, real property and small businesses. This does not create an attorney/client relationship. This does not constitue legal advice. The response is intended to provide general legal information. It is limited to facts of the question. You should consult an attorney in the appropriate state involved before making any decisions based on this answer.
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