Alex How do I remove my name from a trust?
Petitioning Court for Removal A petition for removal of a trustee can be filed by either a co-trustee or a beneficiary. This process can be further complicated if beneficiaries are also designated as trustees. The petition may also seek financial damages from the trustee.
What does it mean to be a co trustee of a trust?
In addition, co-trustees must generally act cooperatively with each other, unless the trust explicitly grants certain duties to a single trustee. This means that each co-trustee must act with the full consent and knowledge of the other co-trustees.
Who is the ” client ” of a trustee?
But when a Trustee hires an attorney to represent them in their capacity as trustee on matters pertaining to the administration of a Trust, the attorney’s “client” (for purposes of determining the holder of the attorney-client privilege) is not that individual Trustee, but instead is the office of the Trustee itself. [2]
Can a trust be managed by an attorney?
Like a trustee, an attorney will not be allowed to make any agreements limiting their liability as to the fiduciary duty owed to a trust beneficiary. In fact, any attempts to do so will be deemed invalid by a court of law. To put it more simply, attorneys are already held to a higher ethical and legal standard than a layman in managing a trust.
Can a drafting attorney be a trust trustee?
Trustee compensation for trust management may be limited when the drafting attorney is a trustee. Otherwise, from the client’s point of view, an attorney would have been compensated as a counsel as well as a trustee. On the other hand, from an attorney’s point of view, limits on compensation spill into more work for less money.
In addition, co-trustees must generally act cooperatively with each other, unless the trust explicitly grants certain duties to a single trustee. This means that each co-trustee must act with the full consent and knowledge of the other co-trustees.
Can a named trustee remove a co-trustee?
The named trustee may want to stay involved as co-trustee, but they may also want the formal assistance of a professional trustee. Note that the named trustee is also typically given the power to remove the professional trustee if appropriate or necessary. Secondly, the trustee power to name his/her successor is invaluable.
Can a lawyer serve as a trustee in a trust?
While serving as a trustee can provide a source of income, lawyers should consider the administrative, ethical, and other aspects of assuming the role of trustee. Author: AMY K. KANYUK, ATTORNEY. AMY K. KANYUK is a partner at McDonald & Kanyuk, PLLC in Concord, New Hampshire.
Can a grantor name only one trustee for a trust?
When a grantor establishes a trust, a single trustee manages the trust’s assets on behalf of the named beneficiaries. However, there is no requirement for a trust to have only one trustee. When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets.