If we have a 10 year old living Trust and there are 3 trustees listed, in order to remove 2 of the trustees can we write a codicil?
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If we have a 10 year old living Trust and there are 3 trustees listed, in order to remove 2 of the trustees can we write a codicil?
Asked on October 19, 2012 under Estate Planning, Illinois
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
I am not sure about your question. Who is "we"? Did you and another person (spouse?) prepare a trust? Are you both the settlors (makers, trustors) of the trust? Is the trust a revocable trust?
If the answer to the previous questions is "yes," then you can amend the trust and change the trustees. You can do this by rewriting the trust or simply preparing an amendment. A codicil is an amendment or addition to a will, not a trust, but it does the same thing that an amendment does for a trust.
I hope this answers your question. Given the uncertainties and specific rules for trusts, I strongly suggest you have a lawyer draft the amendment. It will be well worth your time and money to avoid problems later.
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