What happens if there is more than one executor?

In addition, when there are two executors (or more), each one is legally responsible for the others' actions. If the other person takes funds out of the estate and was not legally allowed to do so, the co-executor is on the hook.

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Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

San Bernardino California Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

Name: San Bernardino California Trust Agreement - Revocable - Multiple Trustees and Beneficiaries
Brand: US Legal Forms
Rating: 4.62 (330 reviews)

Category:

Trusts - Revocable

State:

Multi-State

County:

San Bernardino

Control #:

US-00648-A

Format:

Instant download

Description

This is an agreement between grantor and trustees for the purpose of establishing a revocable trust. The agreement states that the trustees shall hold and administer the income and principle of the trust for the benefit of the grantors wife and child, and any other children of the grantor born after the execution of the agreement

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FAQ

People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.

It is recommended to appoint at least two people to act as Executors and/or Trustees. This brings with it the added consideration of whether your chosen Executors or Trustees will be able to work together effectively.

In most situations, it's not a good idea to name co-executors. When you're making your will, a big decision is who you choose to be your executorthe person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.

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. Nearly every revocable, living Trust created in California starts with the settlor naming themselves as Trustee and beneficiary.

Yes, it is possible for the same person to be appointed as both Executor and Trustee. In fact, this is not uncommon. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it's important that they are clear on the specific duties and responsibilities of each.

In addition, when there are two executors (or more), each one is legally responsible for the others' actions. If the other person takes funds out of the estate and was not legally allowed to do so, the co-executor is on the hook.

Both the settlor and/or beneficiary can be a trustee, however if a beneficiary is a trustee it could lead to a conflict of interest especially when trustees have the power to decide by how much each beneficiary can benefit.

An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.

More info

A probate in the Superior Court of California, County of San Bernardino. Formed under california trust document in the future?Identify all interested persons, including heirs, successor trustees, current beneficiaries, and remainder beneficiaries. A living trust is an important part of sound estate planning. Generally, there are two categories of living trusts — revocable and irrevocable. Trusts contain provisions on how and when the Trustee should distribute the property to the beneficiaries. Anderson made proposed changes on the trust document. A Trustee is a person who controls the Trust and therefore controls the property contained in the Trust. California State University, San Bernardino, and a Juris Doctor from Whittier Law School. See that it is used as trust a living in amending arizona living trusts avoid.

San Bernardino California Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

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