Can a living trust have co-trustees?
Trusts in California can have multiple trustees, not limited to merely two. California trust law requires that co-trustees act unanimously. When co-trustees cannot agree with regard to a decision, they may seek guidance from the Court by filing a petition for instructions.
Can a living trust have two trustees?
Two trustees (co-trustees) are too many. While you are alive, you remain the trustee of your trust. Another person will act for you when you can’t. That person is called the successor trustee, and you will choose the person when you make the trust.
Are co-trustees a good idea?
Appointing co-trustees may seem like a good choice for many reasons. Having two trustees can act as a safeguard, since there is a second person with access to records and responsibility for management and monitoring. In theory, having two trustees reduces the burden on each, since the work is shared.
Can a co-trustee be a beneficiary?
Yes, a trustee can also be a beneficiary of a trust. It’s fairly common for a trust beneficiary to also serve as trustee. For example, in a family trust created by two spouses, the surviving spouse will almost always serve as both a trustee and beneficiary.
What happens if co-trustees disagree?
Under California Probate Code section 15642, if hostility or lack of cooperation among family member co-trustees impairs trust administration to the detriment of the beneficiaries, the court can end the gridlock by removing all of the co-trustees and appointing a third party to serve as sole successor trustee.
What are the duties of a co trustee?
Co Trustee Responsibilities:
- Management of trust assets. This may include the opening and closing of bank accounts, investment of trust funds in stocks or other assets, and buying and selling of property.
- Filing all necessary tax returns.
- Distribution of assets to the beneficiaries.
- Cooperation with co-trustees.
What does it mean to be co trustee of a trust?
co-trustee. n. a trustee of a trust when there is more than one trustee serving at the same time, usually with the same powers and obligations. Occasionally a co-trustee may be a temporary fill-in, as when the original trustee is ill but recovers.
What are the powers of a co trustee?
When there are multiple trustees appointed to manage a trust, they are called co-trustees. A trustee manages and administers a trust, including selling and distributing trust property, and filing taxes for trust income when necessary.
What a trustee Cannot do?
The trustee cannot fail to carry out the wishes and intent of the settlor and cannot act in bad faith, fail to represent the best interests of the beneficiaries at all times during the existence of the trust and fail to follow the terms of the trust. A trustee cannot fail to carry out their duties.
What powers does a co trustee have?
Is there a difference between trustees and co-trustees?
A trustee is an individual or company that serves a managerial function in connection with some type of property. A successor trustee is a new trustee who replaces a previous trustee, while a co-trustee is a trustee that serves at the same time as another trustee.
Can you sell a house thats in a trust?
When selling a house in a trust, you have two options — you can either have the trustee perform the sale of the home, and the proceeds will become part of the trust, or the trustee can transfer the title of the property to your name, and you can sell the property as you would your own home.