01 May What happens when the trustee of a trust dies?

Q. What is required of the living trustee when two are named. Trustee No. 1 dies. Would the attorney notify Trustee No. 2? It is a revocable trust.
— Learing

A. Everything depends on the trust itself.

What is required of a co-trustee of a living trust — or any trust for that matter — when another co-trustee dies is contained in the trust document, said Yale Hauptman, an estate planning attorney with Hauptman and Hauptman in Livingston.

“The trust may provide for another co-trustee to be named or it could provide that the remaining co-trustee serve alone,” Hauptman said. “The trust may also provide notice provisions as far as who should be notified and when.”

You should consult with the attorney who drafted the trust for guidance specific to this trust.

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This story was originally published on May 1, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.