This step is unnecessary, however, if there is only one deemed owner who is also either the trustee or a co-trustee
There are instances where you name co-trustees
or outside trustees for the surviving spouse.
Union Bank claimed that ERISA-based contractual indemnity clauses in the Corporate Co-Trustee
Agreement and Securities Lending Agreement between Union Bank and the board of trustees shielded the bank from liability.
Harms joined Mercer Capital in 1999 and serves as a senior vice president and co-trustee
of the company's Employee Stock Ownership Plan.
A corporate Co-Trustee
can be named, granted removal power and be required to appoint a successor Co-Trustee
named in the Trust.
BWT will act as a trustee, co-trustee
or agent in trust administration.
If the advisor or its related person is a co-trustee
, the advisor shall be relieved of the surprise examination requirement if the co-trustee
is a qualified custodian or the trust grantor (which will not be applicable for irrevocable trusts).
In Waverly, a Virginian court used the unity of action rationale to justify the application of the release rule to trustees, finding that a co-trustee
's liability was discharged by a release of another co-trustee
notwithstanding that the parties did not intend to discharge that other wrongdoer.
It has been held that a co-trustee
who has the right to elect a settlement option has a power to effect the time and manner of enjoyment of the policy proceeds insuring himself (i.
Their younger son will be co-trustee
of the special needs trust along with a MassMutual corporate trustee.
Further, the legislation allows for the delegation of investment functions to a qualified co-trustee
even if the settlor reasonably expected the co-trustees
to perform certain functions jointly; and applies the fiduciary delegation rules of [section]518.
Note: Certain states may prohibit a trustee-beneficiary from exercising distribution powers, even for health, education, maintenance and support, requiring the appointment of a nonbeneficiary co-trustee