Can You Add a Co-Trustee to an Irrevocable Trust?
Co-Trustee Agreement. Co-Trustees usually work in conjunction with, and with the approval of, the other co-trustees. This means that one co-trustee cannot make a decision about trust property without the express, unanimous approval of the other co-trustees.
Can a co trustee make a decision alone?
Sometimes the trust will make exceptions to this rule, such as when a co-trustee is ill and cannot make decisions, or when the trust expressly allows one trustee to make certain decisions alone. Each co-trustee has a responsibility to disclose information relating to the trust to the trust beneficiaries.
Can a co trustee be liable for a breach?
A breach of any fiduciary duty by a co-trustee may result in legal liability to the trust. In certain circumstances, a co-trustee can be liable for breaches by other co-trustees. This may be true even if the non-breaching co-trustee did not have actual knowledge of the breach.
