Legal Question in Wills and Trusts in New Jersey
Changing trustees of an irrevocable trust
My sister and I are beneficiaries of an irrevocable trust established in New Jersey. The grantor is deceased. One of three trustees has recently died and there are no provisions in the trust for naming replacement trustees. The remaining trustees want to file a consent order to have the two of them continue as trustees. Can my sister and me be named as replacement trustees instead of the two remaining trustees continuing as is or at least be added as additional trustees with the current two?
1 Answer from Attorneys
Re: Changing trustees of an irrevocable trust
To answer your question I would need to review a copy of the trust agreement.
However, unless there is a requirement in the trust agreement that there must always be three trustees, I don't believe there would be any need to appoint an additional co-trustee due to the death of one of the three original trustees...the two remaining trustees would just continue to act as co-trustees of the trust.