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Pros and cons of co trustees

2 trustees 2025

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The document is a Warranty Deed form prepared by U.S. Legal Forms, Inc. for the State of Michigan, facilitating the transfer of property from two trustees to an individual. It includes instructions for completing the form using Microsoft Word, notes on filing requirements with the Department of Assessment, and a disclaimer regarding the legal use of the forms. The deed outlines details such as grantor and grantee information, property description, and terms related to ownership and taxes.

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Click ‘Get Form’ to open the Warranty Deed in the editor.
Begin by filling in the Grantor's information. Enter the name and marital status (married/unmarried) of the individual transferring the property, along with their address.
Next, input the Grantee's details. Similar to the Grantor, provide their name, marital status, and address.
In the section for legal description, attach or write down a detailed description of the property being transferred. Ensure this is accurate as it defines what is included in the deed.
Specify the sale amount in dollars and any conditions regarding taxes or easements that may apply to the property.
Complete any additional clauses regarding joint tenancy or rights of survivorship as applicable.
Finally, have both parties sign and date the document. Ensure a notary public acknowledges this signature for legal validity.

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What are the disadvantages of a corporate trustee?

A corporate trustees fees may be expensive. Often, the fee is a percentage of the assets under management, and it has nothing to do with the efforts involved in managing the assets. Also, consider that corporate trustees often require assets be held in their custody as a condition for serving.

Can you have two trustees?

In California, a trust can have multiple successor trustees, known as co-trustees. Each co-trustee holds equal powers and shares the same fiduciary duties.

Are co-trustees a good idea?

A co-trustee does not own the property in the traditional sense of personal ownership. Instead, they hold legal title to the property on behalf of the trusts beneficiaries. Their role is to manage and distribute the trust assets according to the terms of the trust agreement, acting in a fiduciary capacity.

Should you have co-trustees?

One of the most docHub advantages of naming co-trustees is the built-in system of checks and balances. With more than one trustee, you ensure that no single individual has unchecked control over your trust.

Why should you have two trustees?

Therefore, the risk of one individual going rogue or acting contrary to his or her fiduciary obligations, and in the worst-case scenario misappropriating estate funds, is reduced. With multiple executors or trustees, your estate or trust can benefit from everyones skillset.

What powers does a co-trustee have?

And unless the trust specifically is written otherwise, co-trustees hold the same fiduciary responsibilities as a singular trustee and with an equal amount of power. Ultimately, co-trustees are accountable for managing and overseeing the trust in the best interests of its beneficiaries.

2 trustees 2025

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