25 Feb Can a Trust Have More Than One Trustee?

When setting up a trust you need to consider all the fine details, including who will be capable of managing all the duties involved. Although a trust can have more than one trustee, it’s not always the best idea. We explain when and why it’s better to choose more than one trustee, and answer some FAQs like how many trustees a trust can have, and how to appoint a different trustee if you change your mind.

Three Frequently Asked Questions About Appointing Trustees

1: How Many Trustees Can a Trust Have?

A trust can have as many trustees as the person who creates the trusts decides to name. There’s not really a limit on how many trustees a trust can have. However, it’s fairly typical to have only one trustee. 

In some circumstances, having two trustees could be better. For example, with a trust that has more complicated investments, having two different trustees with expertise in separate areas may come in handy. If one of your trustees is an attorney and the other is a financial advisor, it could make sense to name both of them as administrators. 

2: Is It Better to Choose More Than One Trustee?

Choosing more than one trustee can have a few advantages. Naming multiple trustees will ensure that decisions are made collectively. This reduces the chance of errors or biased judgment from a trustee who is also a family member. It can also provide a safeguard in case one trustee is unavailable or unable to perform their duties. 

On the other hand, choosing more than one trustee could bring complications like delayed decision making or disagreements. If you want to have more than one trustee, coordinate their roles and responsibilities and make sure each one is vital. If your trustees have different levels of involvement, it may be better to choose only one person for this role. 

3: Can I Change the Person I’ve Already Listed?

Yes, you can change the person you’ve already named as trustee. How long this process will take depends on the type of trust and how it was set up. If you have a revocable living trust, you can amend the trust at any time to change or remove successor trustees. 

However, if the trust is irrevocable, making changes may be more complicated and could require legal intervention. It’s a good idea to work with an estate planning attorney when making any changes to a trust. This way you can rest assured that everything has been done correctly and according to legal specifications. 

Estate Planning Services for the Greater Phoenix Area

If you need to set up a new trust or amend an existing one, come and meet with the experts at Phelps LaClair. Our goal is to accomplish your goals. We’ve been helping Arizona residents set up rock-solid estate plans for over thirty years. You’ll receive wisdom and counsel that is backed by generations of experience, and expert planning advice that will make all the difference for your loved ones when the time comes. 

Contact us today with your questions, or schedule a meeting at the location nearest you. 

Images used under creative commons license – commercial use (02.25.2025). Photo by Marina Šurniene on Unsplash.