Can you have two corporate trustees?

Can I have 2 corporate trustees? Yes, you can appoint 2 companies to act jointly as trustees of a trust.

Can a trustee be a trustee for more than one trust?

Trading between trusts: difficulties can arise when multiple trusts with the same corporate trustee wish to enter into legally binding agreements with each other eg. However, the corporate trustee may only have assets that it holds for another trust. The creditors will often try to gain access to those assets.

What happens if there are three co-trustees in a trust?

Co-Trustees Disagree. If co-trustees cannot agree on the disposition of some trust assets, it may require a court intervention. 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.

Can a parent name two children as co-trustees?

A parent will often name two or more children as co-trustees or will designate an older relative as co-trustee with a child. This can create problems if the co-trustee duties are not clearly spelled out. Co-trustees normally must act in concert and exercise their powers jointly.

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.

When to use co personal representatives or co trustees?

A client walks in who wants to create a trust or will and who has two (or more) children. When we get to the question of who will handle the business of a client’s will or trust, the client almost invariably says “I want all of my children to serve together as Co-Personal Representatives (or Co-Trustees or Co-Executors) of my estate.”

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.

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.

A client walks in who wants to create a trust or will and who has two (or more) children. When we get to the question of who will handle the business of a client’s will or trust, the client almost invariably says “I want all of my children to serve together as Co-Personal Representatives (or Co-Trustees or Co-Executors) of my estate.”

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.