An Answer to the Question: What is the position of a co-trustee of a ...

October 10th, 2011 Filed under: Trusts attorney ? Estate Planning Author

Many of you might be asking this same question so I?m posting with the answer here. Enjoy. The question is from roger w

I am co-trustee of a suviorship trust, recent decision have been made as to beneficary?s without my knowledge or consent. The attorney that is administring the trust advises me that a co-trustee consent isn?t required and that a co-trustee is strickly administrative, setting up accounts etc.

Answer: If the owner of the trust is still alive you have no say in the matter, they can make all the changes they want until they die. After that the co-trustee?s position will be defined in the trust document. There is no public legal document that says the co-trustee?s job is XYZ. It is spelled out in the trust document (which is a private legal document). In other words?my Grandmother?s trust could say that as co-trustee it is my responsibility to sign off on what ever the primary trustee does with funds and dispursments?but your Grandmother?s trust could say that as co-trustee it is your responsibility to carry out administrative tasks for the primary trustee. It is different for everyone.

Tagged:Personal Finance

Source: http://www.estateplanningcareer.com/trusts-attorney/an-answer-to-the-question-what-is-the-position-of-a-co-trustee-of-a-trust-in-california/

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