Is it better to have one or two trustees?

Some Settlors of trusts ask if they should name one trustee or two or more Successor Co-Trustees. There is no right answer to this question - it's a personal preference on your part. Some people feel the trust administration is simpler with one Successor Trustee.

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Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

Santa Clara California Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

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

Category:

Trusts - Revocable

State:

Multi-State

County:

Santa Clara

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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How to fill out Santa Clara California Trust Agreement - Revocable - Multiple Trustees And Beneficiaries?

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FAQ

When there are multiple trustees appointed to manage a trust, they are called co-trustees. A trustee manages and administers a trust, including selling and distributing trust property, and filing taxes for trust income when necessary.

A joint revocable trust is a single trust document that two persons establish to hold title to assets which they typically own together as a married couple. While both spouses are alive and competent, they both retain full control of the trust assets and can change the trust at any time.

Co-trustees are trustees who share responsibility for managing a trust. To be valid, co-trustees must sign all forms together. The trust must clearly state that the Co-trustees have the authority to act independently to change the default California trust laws.

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.

While there's no limit to how many trustees one trust can have, it might be beneficial to keep the number low. Here are a few reasons why: Potential disagreements among trustees. The more trustees you name, the greater the chance they'll have different ideas about how your trust should be managed.

Under the doctrine of merger, if the sole trustee and the sole beneficiary are occupied by the same person, there is no division of property interests between legal and equitable title. Therefore, this would make the trust legally invalid because the two types of title have merged.

So can a trustee also be a beneficiary? The short answer is yes, but the trustee will have to be exceedingly careful to never engage in any actions that would constitute a breach of trust, including placing their personal interests above those of the other beneficiaries.

Some Settlors of trusts ask if they should name one trustee or two or more Successor Co-Trustees. There is no right answer to this question - it's a personal preference on your part. Some people feel the trust administration is simpler with one Successor Trustee.

A trust beneficiary can be a person, a company or the trustee of another trust. The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.

More info

DAVID M. ENGLISH, Santa Clara University, School of Law, Santa. A successor trustee wraps up a trust after the trust's creator dies.Santa Clara County trustee's responsibilities for a trust administration. Will I lose any control over my property if I create a Revocable Living Trust? Find the best probate attorney serving Brentwood. If only two Trustees are serving, California law governs the Trust. Twenty-five Things You Have to Know About Appointing Trustees, 17 Prob.

Santa Clara California Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

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What happens when there are two trustees?

Can two people be on a revocable trust?

What is a co trustee of a revocable trust?

Can the trustee of a revocable trust also be a beneficiary?

Can a revocable trust have more than one trustee?

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Can you be a trustee and a beneficiary at the same time?

Is it better to have one or two trustees?

Can two trustees also be beneficiaries?

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