Legal Question in Wills and Trusts in New Jersey
Successor Trustee Change
My father inlaw and mother inlaw created a credit shelter trust. After the death of my father inlaw my mother inlaw returned to the attorney and changed the successor trustee from US Bank to my wife. The trust was to become irrevocable upon my father inlaws passing. Is the successor trustee change allowed? Is the amendment appointing my wife successor trustee valid? This was done 16 years ago, my mother inlaw passed away last year. The original attorney states the change is valid. US Bank is taking us to court.
1 Answer from Attorneys
Re: Successor Trustee Change
Presumably, this was allowed under the terms of the original document. I actually like it, as I traditionally recommend that an individual be a trustee, rather than an institution, especially where discretion is involved. People closer to those involved usually act more reasonably than institutions. If the trust also provides for generation skipping (the grandchildren are ultimate takers) I might suggest that your wife also do an amendment appointing her own successor, if your children are minors or have not yet attained the age for final distribution. Contact me if you need assistance.
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