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.
No. You only need to capitalize the word "trust" or "trustees" when you are referring to the specific trust. For example: As referenced in the John Doe Revocable Living Trust. John Doe, as Trustee for the John Doe Revocable Living Trust. However, if you are simply refering to the trust, you do not need to capitalize the word trust. The above-mentioned trust contains limited authority for the trustees.
Yes, if that power was granted in the trust instrument.
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Typically, the power to appoint a trustee would have been granted by the settlor in the trust instrument. If the trust instrument allows for the remaining trustees to appoint a third trustee, then they would be able to do so. It is important to review the specific terms of the trust document to determine the trustees' authority in this situation.
To properly name a revocable living trust, use your full name as the grantor followed by the words "Revocable Living Trust" and the date it was created. For example, "John Smith Revocable Living Trust, created on January 1, 2022."
There can be two trustees, depends on the wording of the trust.
no
A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.
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.
In India, a trust can be registered with a minimum of two trustees. However, there is no maximum limit on the number of trustees, but it is recommended to have a manageable number for efficient decision-making and governance.
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.