co-trustee


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co-trustee

n. a trustee of a trust when there is more than one trustee serving at the same time, usually with the same powers and obligations. Occasionally a co-trustee may be a temporary fill-in, as when the original trustee is ill but recovers. The co-trustee must act in consultation with the other trustee(s), unless the language of the trust allows one co-trustee to act alone. (See: trust, trustee)

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This step is unnecessary, however, if there is only one deemed owner who is also either the trustee or a co-trustee (compare Regs.
Additionally, a trust grantor may desire to designate more than one of his or her children as co-trustees, so the co-trustee children can share the work of administering the trust.
5, outlining that Pruitt had resigned as a co-trustee of the four McClatchy family trusts that control 80 percent of the voting shares in the Sacramento-based company, speculation ran rampant throughout the newspaper business that the company was teeing itself up to be taken private.
Authority determined that David Meddings as a co-trustee was in breach of his
Yesterday London-based painter and art critic William Feaver, who is a co-trustee and the heir to Mr Kilbourn's work, said the collection on display at Woodhorn chronicled a way of life which was literally dying out.
In conjunction with its capital raise, Standard Renewable Energy is adding three new members to its Board of Directors: David Gelbaum, co-trustee of The Quercus Trust; Peter L.
In the first case, a professional trustee may be advisable with the parent serving as co-trustee or advisory committee member or trust protector.
Paul Gallagher, a co-trustee of Riverview Realty Trust, which has an agreement to sell the property to the supermarket chain, said at the time that Stop & Shop would have priority over the subdivision plans if the company decides to go forward.
For married couples, when one spouse passes away, it is common for the surviving spouse to serve as a co-trustee with a professional adviser or professional trustee.
One method of transferring control to the beneficiary would be to allow the beneficiary to act as a co-trustee at a certain age (say 25), thereby allowing him or her to become more involved with the administration of the trust, and perhaps understanding how to deal with the wealth and the family's advisors.
The first hint at a reason for the split followed in mid-May in a shocking report published simultaneously by Arkansas Business and the Northwest Arkansas Business Journal: Frost's compensation from the trust, of which he was co-trustee with 91-year-old Bernice Jones, had grown from less than $70,000 in fiscal 1992 to almost $340,000 the next year and more than $350,000 in fiscal 1994, which had ended in November 1995.