In addition, co-trustees must generally act cooperatively with each other, unless the trust explicitly grants certain duties to a single trustee. This means that each co-trustee must act with the full consent and knowledge of the other co-trustees. The trust should explicitly state the authority of the co-trustees.

Can family members be members of trust?

Importance of setting up Family Trust The trustee may be a beneficiary, family member, relative or there can even be a professional trustee appointed for the management of the trust. The author can also be one of the trustees or the managing trustee of the trust.

Can a family member be an independent trustee?

Traditionally they are lawyers or accountants, or companies set up by lawyers and accountants, but equally they can be a family member or any other person not entitled to receive a benefit from the Trust.

Are there problems when siblings act as co-trustees?

On the face of it, yes. But as an experienced estate planning attorney I invariably find myself cautioning these parents. Problems almost certainly will arise whenever siblings act as co-trustees. The challenges begin with hassles such as having to co-sign bank, mortgage and escrow documents relating to the trust.

Can a co trustee of a trust do what he did?

You don’t concern yourself too much but something is gnawing at you. So you review the trust, and after a second opinion, you determine that he couldn’t do what he did. He should not have access to all the funds – only some. Now you are in a predicament – a legal one.

Who is an independent trustee of a trust?

The independent trustee could be a person or an entity who has no family relation or connection, blood or otherwise, to the trustees, beneficiaries or founder of the trust, and who is also not a beneficiary of the trust.

What happens when a grantor names multiple trustees?

When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets. It is important to know what and how much power each co-trustee has over the management of the trust’s assets.