Listen to Lawrence Letter: Do all trustees need to sign off when trustees are added or deleted?
May 27, 2022
Dear Clients and Friends:
There is nothing constant like change.
Here is a quick and easy one…
Hi Lawrence. One of your recent letters states that the trustees of an irrevocable Medicaid trust may be added or perhaps even deleted quickly.
My question is this: do all the current trustees need to sign off on such changes? I sincerely hope so. Thanks.
Actually, a trustee can be added or deleted at any time by the Grantor(s), and the current trustees do not even have to be consulted. The privilege of changing trustees is solely in the hands of the Grantor(s) and can be accomplished in a day, if necessary. Period! Most Grantors cherish this right.
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Until next time,
peace, health and happiness,
Lawrence Eric Davidow