The Estate & Asset Protection Law Firm Managing Partner, Shannon Pawley, Discusses Basic Pros And Cons Of Assigning Adult Children As Multiple Trustees.
Estate & Asset Protection Attorney and Managing Partner, Shannon Pawley, writes about the complicated role trustees play in end-of-life situations and how many parents often feel bad when they have to decide which of their adult children they should assign to the role. She also discusses some of the requirements that make having multiple trustees even more challenging under the best of circumstances.
DECATUR, GA, March 02, 2021: Shannon Pawley, Managing Partner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “When Two Or More Heads Are Not Necessarily Better Than One.” Ms. Pawley writes about a topic that is coming up more frequently during the pandemic.
Pawley writes, “With more and more people taking action to establish wills, and estate and asset protection plans motivated by COVID-19, I am getting many questions about trustees.” She continues, “In some families where there are multiple siblings, the question of co-trustees inevitably arises. Let me state that there is no one right answer to the question of how many trustees one should designate. However, there are several questions you should ask yourself and be very clear about when deciding on a sole trustee or co-trustees.”
As Pawley points out, “When you think about the process by which co-trustees make decisions, which vary based on state law, they must act unanimously. Just think about this for a moment,” she adds. “How easy is it to agree on everyday things, like where to order take out from or what movie to watch on Netflix or where to go on vacation?” According to Pawley, “When it comes to making important decisions and when a loved one’s life and money is involved, things can get pretty chaotic. And I must say, I’ve seen these situations get ugly.”
“For instance,” says Pawley, “imagine your children having to decide when to stop providing life-extending services. Imagine that two or more children have to agree. One may want to end the suffering while the other may not be ready to act.” She further elaborates, “You also must take into account that many trusts require that the co-trustees must act together, meaning that for dealing with paperwork, signing checks, and real property sales, the trustees must be in the same place at the same time.” This can really slow the process down if the trustees do not live near one another, or if they do
The entire article can be read at https://www.elderlawgeorgia.com/blog/when-two-or-more-heads-are-not-necessarily-better-than-one/
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier and Shannon Pawley have grown their law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Victoria Collier
Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney (CELA) through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About Shannon M. Pawley, J.D., LL.M
Shannon is the firm’s Managing Partner. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University.