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Look to the instrument that created the trust for instructions for appointment of the successor trustee.
Co-executors are not appointed for a trust, they are appointed by a court. You would need to petition the court to remove a co-executor.
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∙ 14y ago
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When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
How does a beneficiary in a irrevocable trust remove a trustee from property?
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
Do trustees hold legal titles to trust assets?
Yes. A trust is set up for the purpose of enabling the legal title of the trust property to be held by the trustees. The trustees have the legal power to deal with the trust property according to the provisions set forth in the trust document only.
After the original settler of the trust appointed two trustees then died can the two trustees appoint a third trustee?
You need to review the terms of the trust to determine what powers were given to the trustees.
Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
There can be two trustees, depends on the wording of the trust.
How do i find out if I am named in a trust?
Ask one of the trustees.
What is a group of companies run by trustees?
It is known as a Trust.
How many trustees should a family trust have?
boo
Is a living trust taxable?
Income of a living trust is taxable to the trustees, if that's what you mean.
When irrevocable trust has 2 trustees can 1 of the trustees close the account?
That depends on the terms of the trust and the law of the state where the trust was created. In general, when there are more than one fiduciary acting on either a trust or estate a majority of the fiduciaries must act together. When there are two, action has to be unanimous. Many trusts that appoint two trustees avoid this problem of unanimity by providing that each trustee may operate independently of the other. If the trust is written with this provision then one of the two trustees may close the trust account on his/her own.
Do co-trustee names have to be on the quitclaim to transfer property out of a family trust?
Yes. A trust can only act through its trustees. The trust document should always be drafted by an attorney who specializes in trust law in your jurisdiction. The trustees must have the power to transfer real estate clearly expressed in the trust document. They should be listed in the deed as the grantor and as the trustees of the particular trust. They must sign the deed as trustees. Trust law is extremely complicated and actions involving real estate should be supervised by an attorney. Errors made by non-professionals can be costly to correct.
