The examples that we can find for partnership agreements all
seem to presume that the partner/grantor of a Revocable
Living Trust is also the SOLE current trustee. Does anyone
have language for when the spouse or someone else is a
co-trustee?

Some agreements call for the death of the partner/sole
trustee to be treated the same as the death of any other
partner (in our case full withdrawal--stock & cash). This
may not be the wish of a co-trustee. Our club is of an age
where deaths of partners seem to happen rather frequently.
So far, none of these has involved a Revocable Living Trust.

(We have two partners with Revocable Living Trusts. One has
his spouse as a co-trustee.)

Don't you just figure out how much the partner would get if they resigned,
then deduct the fee and make out a check to: The Estate of ------- -------

So far I have discovered when a partner passes, their share does NOT go to a
person but the dollar value is in check form to the Estate and then the
partnership is in the clear and no need to make each one specific to the
person.

But I have been known to not have all the facts from time to time. This
just always seemed to be the simplest way to do it.

Myrelle


-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of DELANO D
FINCH
Sent: Monday, June 01, 2009 2:45 PM
To: club_cafe@bivio.com
Cc: delfinch@gmail.com
Subject: club_cafe: Revocable living trust question

The examples that we can find for partnership agreements all
seem to presume that the partner/grantor of a Revocable
Living Trust is also the SOLE current trustee. Does anyone
have language for when the spouse or someone else is a
co-trustee?

Some agreements call for the death of the partner/sole
trustee to be treated the same as the death of any other
partner (in our case full withdrawal--stock & cash). This
may not be the wish of a co-trustee. Our club is of an age
where deaths of partners seem to happen rather frequently.
So far, none of these has involved a Revocable Living Trust.

(We have two partners with Revocable Living Trusts. One has
his spouse as a co-trustee.)
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