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Is the trust currently in existence and funded or one that will be created under your wills on your deaths?
It is currently in existence and is funded.
We would like to change the administrator as they are also legal guardians in case of our death. We want to change the guardians and they would be the new administrator of the trust.
Unfortunately, because the trust is irrevocable, it will require court action to change the trustee of the trust (unless the trust terms provide a means by which the current trustee may be removed and replaced with a different trustee). Thus, the first thing to do is review the trust terms and see if it provides a means of removal and replacement. If it does not, then it would be necessary to locate a local trust attorney that can assist you with a court action to remove and replace the current trustee.
Okay. Thanks. A guardian can be changed though for the children?
Sure, you just have to change your wills to direct that different persons be appointed as guardians in the event one or more of your children are minors if something happens to you.
Okay. Thanks so much for your help, Sir!
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