Can One Name Children/Minors As Successor Trustees

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• Does One Need to Name a Successor Trustee

  This depends on the individual bank one is opening an account with. For example Chase requires a Successor Trustee, but TD Ameritrade requires a Co-Trustee, and other banks only require one Trustee to sign. Call the bank before the appointment to ...

• Can Successor Trustees Vote

  No, unless it is in regards to election of a new Trustee or if the Successor holds a position on the Board of Trustees due to another incapacitation.

• Do Successor Trustees Have A Position or Title

  No, they are simply named Successor Trustee. If so desired, the office of a Trustee they will replace can be named within their Successor Trustee Appointment form (e.g. Successor Trustee will take office of Executive Trustee upon appointment).

• What If One Has No Trustees - Can A Trust Serve As Trustee

  Yes, a trust may serve as trustee. However, this will not work for a situation where only one person sits on a board with 2 other trusts serving as trustees - simply because those trusts are are controlled by the one person/trustee. This is in ...

• If Trust Requires 3 Trustees - Can One Use The Same Trustees For All Trusts

  Yes, one can use the same trustees for all trusts created. The legal reasoning behind having (3) trustees, is due to the fact that having 50% control or more of a trust as trustee can lead to undesirable results when defending a trust in court. ...