Can a revocable trust have two trustees?
Trusts in California can have multiple trustees, not limited to merely two. California trust law requires that co-trustees act unanimously. If the trust instrument provides that co-trustees do not have to act unanimously, the instrument controls.
Can you have co-trustees on a trust?
Under California Probate Code section 15620, unanimity applies to co-trustees “unless otherwise provided in the trust instrument.” Estate planning attorneys often will insert special language specifically allowing for action by a majority of co-trustees.
Can a family trust have two 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 more than one trustee in a revocable trust?
There is no limit to the number of trustees a grantor can name in a trust. There are, however, practical considerations involved with naming trustees, such as experience in trust administration, trust tax, knowledge of the trust grantor’s wishes and issues that can arise when naming an individual person as trustee.
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 you sell a house that is in a revocable trust?
Selling Property in a Revocable Trust As the grantor, you can sell properties in a revocable trust the same way you would sell any other property titled in your own name. You can take the property out of the trust and retitle it in your name, but that isn’t necessary.
Can a Revocable trust have co-trustees?
If you’re the grantor and trustee of your revocable living trust, you may also appoint someone to serve as co-trustee with you. You could also name your daughter as successor trustee to take over once you pass away. She would act as co-trustee with your surviving spouse.
Can a trustee take all the money?
A trustee typically cannot take any funds from the trust for him/her/itself — although they may receive a stipend in the form of a trustee fee for the time and efforts associated with managing the trust.
What is the difference between a co trustee and a successor trustee?
Trustees serve as managers in connection with mortgage loans, and they also serve as managers of trust relationships created for the ownership 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.
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.
What is the difference between trustee and co trustee?
A trustee manages and administers a trust, including selling and distributing trust property, and filing taxes for trust income when necessary. Co-trustees typically share the same duties and powers, unless the trust document instructs otherwise.
Can a successor trustee remove a co trustee?
Trustee breaches are more common than you might think, however, so a successor with a good case may very well be able to have a co-trustee removed. If the co-trustee is also a beneficiary, they may be relieved of their trustee authority, but less likely they will be disinherited.
What are the rights of a co trustee?
Submitting a petition generally shields the objecting co-trustee from any legal liability should any negative consequence result from the original action or decision. One of the fundamental duties of a trustee is to manage the grantor’s assets responsibly for the beneficiaries.
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 trustee of a trust still be alive?
Successor trustees do not have any power or authority over a living or revocable trust while the original trustee is still alive and well. But oftentimes, successor trustees are concerned about the original trustee’s continued ability to manage the trust due to aging, declining health, or neurological problems.