Can a divorced couple remain on as co-trustees of a trust?

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Can a divorced couple remain on as co-trustees of a trust?

The main asset in the trust, the house, has been sold. We would like for our sons to be the beneficiaries of any 401k, pension, stock, etc. Can we just update or amend the trust?

Asked on April 2, 2012 under Estate Planning, California

Answers:

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

It is not clear whether the trust is revocable or irrevocable.  In any event, having a trust as a beneficiary for retirement plans is a tricky proposition.  There can be adverse income tax implications when a trust is so used.  As to both of you being co-trustees that is a tough proposition if you are divorced.  You really need to meet with an estates/tax attorney to explore your options in light of your particular facts and family situation.


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