What is the name of your state? FL
Wife and I have a revocable joint family trust with both as co-trustees. Question arises whether remaining trustee upon death of the other may modify the original distribution of assets to accommodate conditions that could exist after the death of the co-trustee, or are our choices 'locked-in' and imposed on the surviving trustee? Guess the secondary question is whether the death of one co-trustee causes the terms of the current trust to become 'irrevocable' and out of control of the remaining trustee? (We would like the remaining person to have the flexibility to make modifications 'down the road' and need to know what approach should be used).
Thanks in advance.
Wife and I have a revocable joint family trust with both as co-trustees. Question arises whether remaining trustee upon death of the other may modify the original distribution of assets to accommodate conditions that could exist after the death of the co-trustee, or are our choices 'locked-in' and imposed on the surviving trustee? Guess the secondary question is whether the death of one co-trustee causes the terms of the current trust to become 'irrevocable' and out of control of the remaining trustee? (We would like the remaining person to have the flexibility to make modifications 'down the road' and need to know what approach should be used).
Thanks in advance.