My aging mother is a trustee for our kids, can we replace her?
An attorney should read the trust agreement to see what it says about appointing a successor trustee.established trusts for our two children. My mother has been serving as trustee, but she is now 84 and we want someone younger to replace her. My son is a recent college graduate and won't need much guidance from a trustee. My daughter is 19, has dropped out of college twice and has mental problems. Who should we name as trustee? I am leaning toward a trust company.
The trust agreement might give your children the power to remove and replace trustees or the right to elect to serve as the sole trustee of their own trusts, once they reach a specified age. It is not unusual for these types of power to be given to children at age 25 or 30, although they often will not have these powers until after you and your wife have died.
Q: I have mutual funds, stock accounts and certificates of deposit. Since each of these has a beneficiary, would they be affected by my will?If the beneficiary on an account is alive when you die, your will won't affect the account. However, if you outlive the beneficiary, the account will pass under your will.
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