Is two actually greater than one?

It’s not uncommon for clients to tell us they want two of their loved ones to jointly administer their estate when they pass on- either as Co-Personal Representatives or Co-Trustees. Some believe it will be good for checks and balances, others don’t want to feel guilty about choosing one relative over another. This sounds like a good idea, right? What’s the harm in having two trustees? What’s the worst that could happen?

There are some factors you need to consider before you settle on two loved ones serving together. For example, having two fiduciaries can be problematic from a logistical standpoint. If one cannot act without the other, this may cause a delay in banking transactions, the sale of real estate and in many other scenarios.

What about when they disagree? Worst case scenario, a disagreement between your named fiduciaries may require court intervention. Court intervention only leads to further delay and increased costs.

Are there ways to avoid this when there are two named fiduciaries? Certainly- but you must be careful. Contact C&G to discuss your options today. Making informed decisions when it comes to your estate plan is critical. Do the due diligence on the front end to avoid any issues on the back end!

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We are often contacted by individuals attempting to get power of attorney over a parent, sibling, child or other relative AFTER they have fallen ill- whether it’s on account of Alzheimer’s, a debilita

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