What is a second successor trustee?
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. The successor trustee is the bedrock of a well-run trust administration.
Can there be 2 trustees?
Answer: Yes, you can have multiple trustees to a trust. The powers of multiple trustees should be clearly defined in the trust deed.
Can you have co successor trustees?
A creator or grantor of a normal revocable living trust usually serves as the trustee of a trust until their incapacity or death. Some trust creators have two children or have two people they trust enough to make them successor co-trustees of their trust, which puts two people in charge of the trust simultaneously.
Can there be two grantors of a trust?
It is possible for a trust to have multiple grantors. If more than one person funded the trust, then they will each be treated as grantors in proportion to the value of the cash or property that they each provided to fund the trust.
Can a successor trustee change a trust?
Generally, a successor trustee cannot change or amend a trust. Most trusts are initially managed by their creator or original trustee, while they are still alive and competent. But after their passing, a successor trustee must step in to take legal title to assets and administer the trust according to its terms.
Do you need 2 trustees?
A single Trustee can be appointed but it is usually recommended that you appoint at least two. Not only does this avoid problems when a single Trustee is unable to conduct their duties, if the trust property includes any land, at least two Trustees will be needed for legal reasons.
Does a trust need 2 trustees?
Although the trustees of a trust may change, a trust must always have at least one trustee. The beneficiary may be a person, an entity (for example, a charity organisation), or something else (for example, a pet or a cause). The settlor may also specify multiple beneficiaries.
What power does a successor trustee have?
A successor trustee is the person or institution that takes control of the trust assets when the original trustee dies, resigns, or becomes incapacitated. A successor trustee’s primary objective is to properly administer the trust assets according to the trust’s terms and in keeping with fiduciary standards.
Can a revocable trust have 2 trustees?
When a grantor establishes a trust, a single trustee manages the trust’s assets on behalf of the named beneficiaries. However, there is no requirement for a trust to have only one trustee. When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets.
Can two trusts own property?
So yes California law does seem to allow a trust to be a joint tenant. It has to be the person who transfers it to the trust. So, for example, Able and Buddy own a property together as joint tenants.