Revocable Trust With Two Trustees
Description
How to fill out Trust Agreement - Revocable - Multiple Trustees And Beneficiaries?
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FAQ
In some cases, upon the death of the first spouse, a Joint Trust may need to be separated into two Trusts, and assets may need to be divided. Separate Trust: With Separate Trusts, because there are two Trusts already, there often is much more flexibility and an easier process to navigate after the first spouse's death.
A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution. At times, clients may choose to name two or more individuals as co-trustees in their trust document to perform these duties together.
Trustees are jointly and severally liable for breach of trust to their beneficiaries where that breach has led to a loss to the trust fund. Common allegations of breach of trust include where a trustee: Distributes trust assets to a beneficiary who is not entitled to them under the terms of the trust document.
You should have at least two trustees but can choose up to four.
It is a fundamental rule of trust law that, in the absence of contrary provisions in the trust instrument, the trustees must act jointly if the trust's estate is to be bound by their acts, and a unanimous vote will be required in matters of substance.