A parent serving as trustee can confront many daunting problems involving trust laws and public benefits regulations that...Read more
Yes, but be aware that a co-trustee can be held responsible for another co-trustee’s breach of a fiduciary duty. Thus, it is important that all co-trustees pay close attention to everything that is done in the administration of the trust. If there is any question or problem, it should be communicated to the other co-trustee or co-trustees immediately.
As a general rule, where there are two or more co-trustees, all have to agree on all matters of trust administration. However, the trust document may create a different standard for agreement, such as majority rule.
In order to minimize the chances of being held responsible for someone else’s poor judgment or breach of duty, a co-trustee should be sure to make a written record of any points of disagreement about trust business. In extreme cases, a co-trustee may be required to blow the whistle on other co-trustees’ activities.