2 Trustees Form
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People also ask
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What does it mean to be the second trustee?
Setting up a trust requires designating an initial trustee—and should also involve designating a successor trustee. The successor trustee takes over the responsibility of managing the trust if the current trustee dies, becomes incapacitated, or is no longer willing to serve as trustee.
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Can you have two individual trustees?
When establishing your trust, you must name at least one successor trustee in the event of your death to administer your assets. This is when you may consider appointing co-trustees, whether you have two or more in mind.
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Can there be multiple trustees on a trust?
California Probate Code Section 16012 It provides that, if a trust has more than one trustee, each trustee has the duty to: (1) participate in the administration of the trust; and (2) take reasonable steps to prevent a co-trustee that from committing a bsignNow of trust.
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What does it mean to be the second trustee?
Setting up a trust requires designating an initial trustee—and should also involve designating a successor trustee. The successor trustee takes over the responsibility of managing the trust if the current trustee dies, becomes incapacitated, or is no longer willing to serve as trustee.
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Is it a good idea to have co-trustees in a trust?
Naming two people to maintain an estate plan can split the workload, which can make maintaining the assets easier and more effective. Having two trustees can also protect the beneficiaries' interests. Because both trustees must agree on any course of action, it creates additional protections against poor decisions.
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Can you have two individual trustees?
When establishing your trust, you must name at least one successor trustee in the event of your death to administer your assets. This is when you may consider appointing co-trustees, whether you have two or more in mind. A trustee may either be an individual or a financial institution.
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Can a trust have two trustee?
The trustee(s) (there may be more than one) of a trust may be a person or a company (the latter is known as a corporate trustee). In either case, the trustee must be legally capable of holding trust property in their own right. The trustee holds the trust property for the benefit of the beneficiaries.
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What happens when there are two trustees?
California Probate Code Section 16012 It provides that, if a trust has more than one trustee, each trustee has the duty to: (1) participate in the administration of the trust; and (2) take reasonable steps to prevent a co-trustee that from committing a bsignNow of trust.
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