Do you need the signature of both co-trustees?

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.

When are there are two trustees to a living trust and the?

When there are two trustees to a living trust and the She would need to look at the terms of the trus and the powers given to her by the trust. If the property is falling in to disrepari because no one is taking care of it, the Trustee can be liable for the property “waisting” under her time as trustee.

What do you need to know about joint trustees?

You have to read the terms of the trust agreement. Both trustees have a right and a duty to know what is happening and approve the transaction. If you do not agree, you will probably need an attorney to assert your rights. You can contact the real estate broker and let her know your concerns.

Do you have to sign a trust with your sister?

Yes you both should sign. Your sister and the realtor will run into trouble when they ask for a copy of the trust and see your name as co-trustee. * This will flag comments for moderators to take action.

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.

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.

Can a co-trustee of a trust act alone?

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. Another common problem with co-trustees is what happens if there is a disagreement between them about the administration of the trust.