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Yes, a trust can have multiple trustees. Having more than one trustee can provide a checks-and-balances system, allowing them to collaborate in managing the trust's assets and making decisions. However, it’s important to clearly outline the roles, responsibilities, and decision-making processes for each trustee in the trust document to avoid potential conflicts or confusion.
What else can I help you with?
Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
Can there be two trustees of a revocable trust?
Yes. There are often more than one trustee. The trust should make clear whether any one trustee may exercise the powers of the trustees under the provisions of the trust or if they must act together.
Irrevocable trust - three trustees - can one trustee withdraw funds?
You must review the terms of the trust to determine if any one trustee can exercise the trustee powers. That is an important issue regarding trusts. Some trusts specify that less than the full number of trustees can act on behalf of the trust and some do not.
Practical application of Section 59 of Trustee Act 1949?
Other than this one obscure reference I can find no other mention of this Act other than cross-references to the nation of Malaysia. "To administer a trust, a trustee has a variety of powers. These powers are derived from the trust deed and the Trustee Act of 1949. Trustee needs these powers to carry out acts in relation to beneficial interest, to trusteeship and to trust property. Power of a trustee may include the power to invest, to pay trust money into bank, to sell the trust asset, etc."
Can a trustee bind another trustee and the trust?
Trusts are managed according to the provisions set forth in the instrument that created the trust. You must review the terms of the particular trust to determine if one trustee can exercise all the trustee powers set forth in the trust instrument.
Does a trustee get all the money in a trust?
No. The trustee has the power and authority to handle the money in the trust according to the terms set forth in the trust. The trustee must distribute the profits as provided in the trust and must distribute the remaining trust property when the trust terminates according to the provisions in the trust. The trust may also provide compensation for the trustee.
Can a trust's property be taken if one of the trustees has a judgment against him?
A judgment against the trustee in his individual capacity will not affect the trust property. A judgment against the trustee as the trustee will become a lien on the trust property.
Selling property with Trustee on deed?
This might indicate that at least part of the ownership was held in trust, and the trustee represents the trust. One or more authorized trustees of the trust must sign the deed or authorize someone else to sign with a proper power of attorney.
Who appoints the trustee for the irrevocable trust?
The person who creates the irrevocable trust is the one who appoints the trustee, because it is his or her trust. It is similar to the right of a person to name an executor in a will. The creator of the trust, sometimes called the settlor, has the right to choose a person he trusts (hence the name "trustee") to handle the property in the trust and to carry out the terms of the trust. In the event that the trustee(s) named in the trust instrument are unable for any reason to perform their duties, the named successor trustee will assume the duties. If no successor is named the probate court can appoint one.
Can one trustee sell property in trust without second trustee's signature?
That depends on the provisions set forth in the trust. You need to review the trust. The trust document may provide that any one trustee can act or it may require that both trustees join in any action taken by the trustees.
Can one get a loan on property in a revocable trust?
The trustee holds the legal interest in the property according to the terms of the trust. The trustee may mortgage the property if that power was granted in the trust instrument.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
