In his book “Beyond the Grave” the trust attorney Jeffery Condon advises against having a sibling as trustee for another. Does the sibling who agreed to be the trustee really want to deal with 25+ screaming phone calls a day demanding money? This is an example from the book. And also there is the effect on the relationship
Mr. Condon talks about the importance of ensuring the execution of your wishes when it comes inheritance. The Trustee plays a key role here. He shares in his book the three alternatives: a private individual, a banking or other financial institution, or the child himself or herself.
There is no one-size-fits-all answer here, but one lesson resonated with me the most. Mr. Condon counsels against naming one sibling as Trustee of the other. He writes: “There are sensible reasons that make it seem right to appoint a child’s sibling a Trustee. Early in my practice, I invariably agreed with this choice. But since then clients have died, and I have seen what happens when one child holds money for another, inevitably, there will be stress on – or the destruction of – the sibling relationship. Why? Because when one sibling holds money for another, the tie that binds is no longer only blood – it is blood and money.”