It can be tempting to name all of your adult children to serve together, but that isn’t always the best way to keep your plan running smoothly. A practical alternative is to list them in order of who you think will do the best job so that only one steps in at a time. If your first choice can’t serve, the next named child takes over. If you do name more than one child to act at once, consider how decisions will be made so ties don’t stall administration, or add a corporate trustee to break deadlocks without overriding your children when they agree. Above all, be realistic about time, temperament, and family dynamics. Serving as trustee is demanding, requires business judgment, and carries significant legal duties. If your children don’t get along, or if jealousy is likely, a professional or corporate trustee can be a small price to pay for keeping peace and ensuring competent administration.
If you would like to learn more, or set up a complimentary estate planning consultation with one of our Madison, Wisconsin estate planning attorneys please contact us and we can schedule a time to meet.