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A trusteeship is best handled by one person being in charge. A co-trustee would be a drag on the first. Instead of a smooth operation in the hands of one person, a second decision maker (a person probably not as competent as the first person) would always have a say, and could block or delay good decisions.
How much power does a co-trustee have?
A co-trustee is one of multiple trustees serving simultaneously, typically with equal powers and duties. They share the responsibility of managing the trusts assets. Sometimes, a co-trustee can temporarily step in if the primary trustee is unavailable, such as during an illness.
What are the benefits of having a co-trustee?
With more than one trustee, you ensure that no single individual has unchecked control over your trust. This can be especially valuable if youre concerned about the potential for financial mismanagement or emotional bias.
What is a co-successor?
Successor Trustee. A co-trustee is someone who is actively working with one or more trustees to maintain a trust. Successor trustees, on the other hand, are named responsible for a taking over a revocable living trust after the trustee dies.
What are the disadvantages of a co-trustee?
Having more than one Trustee can cause delays if all Trustees are required to agree before taking action. If you have an even number of Trustees, decisions can be impossible to make if the Trustees cannot agree. You can inadvertently cause conflict in the family if you appoint siblings or family members as co-Trustees.
Related Searches
Co successor trustCo successor vs trusteedo both co-trustees have to signCo successor trusteecan co-trustees act independentlyDoes a co trustee own the propertysuccessor trustee vs co-trusteeWhat is the difference between a trustee and a co trustee
The main difference between a successor trustee and a beneficiary is their roles and responsibilities. Beneficiaries are named in the trust and entitled to receive benefits or assets from the trust. Successor trustees execute the trust document on behalf of the grantor and in service of the beneficiaries.
What power does a co-trustee have?
Should You Choose Co-Trustees? One might think of the adage Two brains are better than one. Strength in numbers is a good strategy. After all, co-trustees can divide and conquer duties and responsibilities. Co-trustees combine skills and knowledge to work together to oversee and protect trust assets.
Related links
Help for trustees under a revocable living trust
A successor trustee may also be named and acts only if a trustee can no longer fulfill that role. Rose can name herself as trustee and you as co-trustee.
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