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Trustee Selection of Irrevocable Life Insurance Trust
Dallas, TX
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Posted 10 months ago in Trusts
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Under my existing Irrevocable Life Insurance Trust, as the Trustmaker, my spouse is the lifetime beneficiary and my children are beneficiaries upon the death of my spouse. Recently I have read that an adult child may act as a Trustee for the subject Trust. Can there be complications should I amend the subject Trust and name one of my adult children as the Trustee? If there are complications, what are they and can they be overcome?
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Answers (1)
Barry J. Dubrow
This attorney is licensed in Pennsylvania.
Posted 10 months ago.
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If the trust is irrevocable, then the trust cannot be amended. However, the provisions in the trust instrument regarding trustees should have been drafted with flexibility to anticipate the need to change or add additional trustees.
You should consult with the attorney who drafted your trust regarding these provisions and to draft the appropriate appointments of successor trustees and / or resignations. It may very well be that your adult child should be a Trustee, either now or at the second death of you and your spouse. If you do not wish to consult with that attorney, then feel free to conact me. Barry J. Dubrow, Esq. barry@dubrowlaw.com 215-886-1234
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