Do co trustees have to act jointly Florida?
§736.0703 requires joint action by two co-trustees, or action by a majority of three or more co-trustees. §736.0704 allows the trust’s qualified beneficiaries to select a successor trustee by unanimous agreement. However, without unanimity, the successor trustee would have to be appointed by the court.
What happens when there are three co-trustees in a trust?
For example, if one trustee wants to sell some property and distribute cash and a co-trustee wants to retain the property, there is a stalemate. If there are three co-trustees, the majority prevails, so an odd number of co-trustees are not such an issue in regards to disagreement.
Can a family resent a professional fiduciary?
If a Fiduciary is hired, the family may resent the Fiduciary, but we are professional and not family. The job will get done efficiently and properly and the family relationship will have a better chance of surviving the contentious process of estate administration.
How to avoid the problem of sole trustees?
Another way is to just name one sole trustee, like your oldest or most responsible child or friend. One of the best ways to avoid this problem is to talk to a qualified estate planning attorney who can help solve problems like this. Consider getting your estate planning done by the attorney at the Skillern Law Firm.
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.
Are there problems when siblings act as co-trustees?
On the face of it, yes. But as an experienced estate planning attorney I invariably find myself cautioning these parents. Problems almost certainly will arise whenever siblings act as co-trustees. The challenges begin with hassles such as having to co-sign bank, mortgage and escrow documents relating to the trust.
What are the problems of successor co-trustees in a trust?
This can also slow down or cause problems when one trustee goes out of town for vacation, is incapacitated, etc. A well written trust agreement should provide for replacement of a co-trustee who cannot serve for some reason, or state that the remaining co-trustee can act alone in this scenario.
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.