Co Trustee Appointment Form For Trust
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FAQ
The power to appoint trustees is often contained in the trust deed and is commonly granted to either the trustee of the trust from time to time, or a third party such as the settlor or protector of the trust. Whoever has the power to appoint new or additional trustees must take into account a variety of factors.
Co-trustee. n. a trustee of a trust when there is more than one trustee serving at the same time, usually with the same powers and obligations. Occasionally a co-trustee may be a temporary fill-in, as when the original trustee is ill but recovers.
Some trusts are set up to have co-trustees, which is when there is more than one trustee on the trust. And unless the trust specifically is written otherwise, co-trustees hold the same fiduciary responsibilities as a singular trustee and with an equal amount of power.
trustee is one of multiple trustees serving simultaneously, typically with equal powers and duties. They share the responsibility of managing the trust's assets. Sometimes, a cotrustee can temporarily step in if the primary trustee is unavailable, such as during an illness.
Who typically serves in these roles? Well, it is quite common when creating a basic estate planning Trust (a Revocable Living Trust), that the roles of the Grantor, Trustee and Beneficiary are the same person upon the initial creation of the Trust.