When parents are considering whom to designate as successor trustee to administer their trust upon their death, they often consider making their adult children cotrustees. This may eliminate the parents’ stress of choosing among their children, but it often creates other stress for the children who are designated. It’s generally well-intentioned, but often a bad idea.
When drafting a revocable trust, your clients may be very keen to include a particular niece or cousin, but then have a change of heart years later and want to write them out. As long as the trust allows it, you can simply amend the trust for them instead of revoking it and starting fresh. Here’s how.
The late Apple co-founder Steve Jobs was known to be a very private person, and it appears that he has taken steps to preserve his privacy even in death. As do many entertainers and wealthy people, it appears that Jobs took advantage of California revocable trusts to prevent the publicity involved in probate.