If the grantor is the trustee or a co-trustee
, and the second alternative method of reporting is used, then no Form 1041, Form 1099, or separate grantor tax information letter is required.
If a trustee function, such as investment of trust assets, has been delegated to one co-trustee
pursuant to statute, the delegating co-trustees
retain the legal responsibility to use reasonable care to ensure that the co-trustee
exercising authority does so in accordance with its fiduciary duties.
Having two or more trustees can gum up the decision-making process, especially if the co-trustees
aren't getting along.
At a later date, when the client was otherwise comfortable with fully distributing the principal (35 in the above example), the plan could allow the beneficiary the right to remove and replace their co-trustee
Frost resigned as the trust's co-trustee
the day the story appeared, and in July a granite bust of Frost was removed from the garden of the Harvey & Bernice Jones Center for Families in Springdale, the primary beneficiary of Bernice Jones' legendary philanthropy.
If you become unable to manage your own affairs," says Miller, "your co-trustee
or successor trustee can take over control of the trust assets.
Perhaps you have a client who is a surviving spouse with some degree of dementia and is a co-trustee
with another person?
He said there had been two instances where Ms Cheong practised without a certificate, but he said 'the most serious aspect of the case' was a complaint by the beneficiary of a late relative's estate of which the solicitor was co-trustee
Sometimes, this can place a strain on family relations, so it's a good idea to appoint a co-trustee
, someone a bit distanced from the inner circle of family politics and with substantive trustee and investment experience.
As required by the Indenture (the "Indenture"), dated May 18, 2007, by and among the Company and The Bank of New York Mellon, as successor in interest to The Bank of New York, as Trustee ("Trustee") and the Co-Trustee
named therein, the Company offered (the "Offer") to each holder of the Notes ("Holder") the right to sell (the "Put Option"), upon the terms and subject to the conditions set forth in the Indenture, the Notes, for cash, to the Company.
Gorsira, who co-led the international team of advisors together with co-trustee
Robert van Beemen: "In January 2009, we had no funding and insufficient access to information and documents.
He will be accompanied by co-trustee
Griffith Eryl Jones and the company's two directors Malcolm and David Griffiths.
Oppose HB 743 containing proposed changes to the Florida Trust Code that would erode Florida consumer's rights by enlarging a corporate trustee's ability to engage in conflict of interest transactions with its own fiduciary accounts, providing a statute of repose and shortening the statute of limitations in circumstances where the trustee has failed to account and concealed its breach of trust from the beneficiaries, exonerating a co-trustee
from liability for a directed co-trustee
's breach of trust; and would enlarge the provisions concerning fiduciary exculpatory provisions compromised with the Florida Banker's Association last year.
A trust protector can generally remove and replace a trustee; terminate the trust; change the situs of administration: resolve co-trustee
deadlocks or beneficiary-trustee disputes; veto investment decisions; and redirect trust distributions or amend administrative provisions and trust terms based on unforeseen circumstances in the beneficiaries' lives or changes in law.
Authority determined that Mr Meddings as a co-trustee
was in breach of his duty