Revocable Trust With Multiple Trustees
Description
How to fill out Trust Agreement - Revocable - Multiple Trustees And Beneficiaries?
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FAQ
The simple answer is yes, a Trustee can also be a Trust beneficiary. In fact, a majority of Trusts have a Trustee who is also a Trust beneficiary. Being a Trustee and beneficiary can be problematic, however, because the Trustee should still comply with the duties and responsibilities of a Trustee.
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.
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.
The administration burdens of the trust may also be reduced for each trustee serving as they can share the workload. If you name two or more, it is critical that you describe whether they must always act together or whether they can act independently of each other.
It is possible for a trust to have multiple grantors. If more than one person funded the trust, then they will each be treated as grantors in proportion to the value of the cash or property that they each provided to fund the trust.