Change successor trustee of my Revocable trust
Terry,
My husband and I each have a Revocable Living Trust, wills, POAs, POAs for healthcare drawn up 25 years ago and an amendment made 6 years ago changing successor trustee after our 3 children became adults. At that time, our daughter was named to take on this position. She has since moved out of state and no longer wants to have this responsibility. Our son has agreed to take this on and all are in agreement. Our 3 adult children are our only beneficiaries, per stirpes.
My question is, can I attach a notarized statement to my estate binder to easily make this change? I have consulted a lawyers office and they want $2500 to make this change. It seems quite excessive. When the amendment was made 6 years ago, the attorney charged me $350. He has since merged with a larger firm, hence the enormous fee.
I live in Richmond, IL if you could suggest someone in the McHenry or Lake Geneva area.
I appreciate your consideration and time in answering my concerns. Please advise.
Terry Says
First of all, if you made the original RLT so many years ago, this is a good time to review the entire document with an attorney — not just the successor trustees. A lot has changed since then, both in tax law and in your family. YOu’ll probably need to amend several provisions.
You should make sure that your beneficiaries are up to date, that every major account is titled in the name of the trust, etc, etc.
In Illinois, I always recommend the law offices of Kerry Peck, because I trust his staff completely. They have an office in the northern suburbs. Here’s how to reach them: https://www.peckritchey.com/kerry-peck/
Ask for Lauren Trench at 312-201-0900
Or ask at your local bank for an estate planning attorney in your area. Yes, it may cost a bit of money to do this, but it will be worth every penny in the long run.
