Can a named trustee remove a co-trustee?
The named trustee may want to stay involved as co-trustee, but they may also want the formal assistance of a professional trustee. Note that the named trustee is also typically given the power to remove the professional trustee if appropriate or necessary. Secondly, the trustee power to name his/her successor is invaluable.
What happens when a grantor names multiple trustees?
When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets. It is important to know what and how much power each co-trustee has over the management of the trust’s assets.
What does it mean to be a co trustee of a trust?
In addition, co-trustees must generally act cooperatively with each other, unless the trust explicitly grants certain duties to a single trustee. This means that each co-trustee must act with the full consent and knowledge of the other co-trustees.
Who are the named beneficiaries of a trust?
A trust is a legal document that governs how the grantor’s assets pass to the named beneficiaries upon the grantor’s death. When a grantor establishes a trust, a single trustee manages the trust’s assets on behalf of the named beneficiaries.
When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets. It is important to know what and how much power each co-trustee has over the management of the trust’s assets.
Who are the co trustees of a trust?
Some trust creators (called Grantors or Settlors), such as your mother, have two children (or two people) they trust enough to make successor co-trustees of their trust. This puts both people in charge of the trust simultaneously.
Do you need the signature of both co-trustees?
The signature of just one co-trustee may be enough. The Trust Agreement will spell out whether the signature of both co-trustees is required. * This will flag comments for moderators to take action. You will have to look at the terms in the trust instrument.
A trust is a legal document that governs how the grantor’s assets pass to the named beneficiaries upon the grantor’s death. When a grantor establishes a trust, a single trustee manages the trust’s assets on behalf of the named beneficiaries.