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Interesting Questions
A living trust is a legal arrangement where a person's assets are placed into a trust during their lifetime and managed by a trustee. It allows for the seamless transfer of assets to beneficiaries upon the person's death.
In Kentucky, any individual who is at least 18 years old and of sound mind can be a trustee. It is also common to appoint a bank or trust company as a trustee.
Yes, you can name two trustees for your living trust in Kentucky. It is a good idea to choose individuals who can collaborate effectively to manage your trust and make important decisions collectively.
Having two trustees provides an extra layer of accountability, reduces the burden on a single trustee, and ensures there is always continuity in trust administration, even if one trustee is unable to fulfill their duties.
Two trustees should make joint decisions by discussing and reaching a consensus. It's important for them to communicate effectively, respect each other's opinions, and act in the best interests of the trust and its beneficiaries.
Generally, trustees are expected to make decisions together and act jointly. However, the trust document might grant specific powers to one trustee to act independently in certain situations. It's crucial to review the trust document to understand the powers granted to each trustee.
If one trustee becomes incapacitated or passes away, the other trustee can continue to manage the living trust. However, it's advisable to have contingency plans in place and appoint a successor trustee in case both original trustees are unable to fulfill their duties.
Yes, you can remove one trustee and appoint a new one if necessary. However, the process typically involves following specific legal procedures outlined in the trust agreement and seeking professional advice to ensure compliance with Kentucky laws.
Yes, unless otherwise specified in the trust document, both trustees have equal powers and responsibilities. It's crucial for them to work together, share information, and avoid any conflicts of interest.
Yes, it is possible to change the trust terms with the agreement of both trustees. However, any modifications must adhere to the legal requirements of Kentucky and should be properly documented to maintain the validity of the trust.
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