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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Powers granted to a trust protector could include: remove a trustee; replace a trustee who has been removed, resigned, or otherwise ceases to serve; appoint an additional co-trustee; add or remove an investment manager or advisor; veto or direct trust distributions, including distributions based upon the actions or status of the beneficiary, such as substance abuse; add or remove beneficiaries of the trust; consent to the exercise of a power of appointment; approve trust accountings; amend the trust, including administrative or distributive provisions; veto or approve the sale of trust assets, such as a family business; resolve a deadlock between co-trustees.
If a trustee is a personal trusted friend but lacks sufficient business acumen or more technical knowledge is needed, an experienced co-trustee -- such as a trust company or a trust department of a bank -- can be authorized.
In addition, the regulatory body found that Lawson and his wife Pamela, who was LFC's chief operating officer, were co-trustees of the trust account -- in violation of FINRA rules, since they acted as trustees and engaged in self-dealing with the trust account.
Consequently, the CPA firm's legal counsel should review the trust document to ensure that it defines the scope of the services and the responsibilities of others, including any co-trustees and beneficiaries.
Furthermore, as described below, unless the deemed owner is the trustee or a co-trustee, filing Forms 1099 does not negate the trustees duty to prepare the grantor tax information letter and send it to the deemed owner to be reported on his or her personal return.
Yukio Sakamoto, co-trustee of Elpida, said in July the deal would ensure creditors repayment and will help simplify approval for Elpidaa[euro](tm)s reorganisation by creditors and the Tokyo court.
During the court proceedings, Robert Rominoff's lawyers claimed that GHC Corp is "99 percent owned by the trust of which Robert is co-trustee and sole beneficiary," and that his father is interfering with his right to redeem the mortgage.
Joining with Micron also delivers a clear advantage for Elpida's customers, suppliers and employees," said Yukio Sakamoto, co-trustee of Elpida.
That is often difficult to do, but in the trust, a parent can appoint a family member or friend to act as a co-trustee with your children for a few years to provide guidance on good money management.
Co-trustee Rosie Brady, of Wyken, Coventry, who is partially-sighted, added: "It has made life so much easier for us.
The co-trustee can step in if the surviving spouse becomes incapacitated or loses interest in managing the trust.