Living Trust Online With Two Trustees
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FAQ
Choosing multiple individuals to serve as co-trustees offers the following advantages: Co-trustees can provide checks and balances to guard against potential abuses of authority. Sharing or separating the responsibilities of trust administration among co-trustees can expedite the efficient administration of a trust.
A trust can have more than one grantor. For instance, if more than one person funded the trust, they will each be treated as grantor in proportion to the value of the cash or property that they transferred to the trust.
So can a trustee also be a beneficiary? The short answer is yes, but the trustee will have to be exceedingly careful to never engage in any actions that would constitute a breach of trust, including placing their personal interests above those of the other beneficiaries.
Whether to choose one or more trustees is a personal choice, just as the decision to create a trust is yours. Discussing estate planning with an attorney with experience with trust creation and maintenance is an option, and they can help you arrive at decisions that ensure your unique goals are met.
Choosing multiple individuals to serve as co-trustees offers the following advantages: Co-trustees can provide checks and balances to guard against potential abuses of authority. Sharing or separating the responsibilities of trust administration among co-trustees can expedite the efficient administration of a trust.