Legal Question in Wills and Trusts in Virginia

trustee for revocable trust

Interviewed estate planning attorneys and received conflicting info on who may be a co-trustee on a spouse's revocable trust. As an example, the wife has a revocable trust. One attorney said that the husband should not be the co-trustee, or a successor trustee upon death of wife, because it would be a conflict of interest (COI). That attorney stated that since the husband benefits from the wife's revocable trust (income, 5% principal, etc.) then he should not be the co-trustee or successor trustee on wife's death. To have the COI, may invalidate the estate planning tax benefits. The second attorney didn't know what I was talking about and indicated that husband is usually co-trustee of wife's revocable trust. My objective is to have my husband have the maximum benefit from my assets in trust, with adult children inheriting whatever is left over upon husband's death. Of course, the reverse applies with my benefiting from husband's revocable trust to max extent. If anyone knows how this trustee/COI issue applies to family and marital trusts, that info would also be appreciated. Thanks!


Asked on 10/14/06, 1:24 pm

1 Answer from Attorneys
Paul B. Ward Law Offices of Paul B. Ward

Re: trustee for revocable trust

I side with attorney #1; too much discretion given to the husband as both beneficiary and trustee could endanger the tax advantage of the generation skipping trust.

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Answered on 10/16/06, 1:10 pm


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