Googles Most Commonly Searched Questions about Fiduciaries

Google’s Most Commonly Searched Questions about  Fiduciaries 

(EEA & “Google” Answer The Questions)

Trustee: The trustee is the person or entity (e.g., a bank or other corporation) who holds legal title to the trust property. Fiduciary: A person or institution who manages money or property for another and who must exercise a standard of care in such management activity.
The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stockbrokers, title companies or anyone who undertakes to assist someone who places complete confidence and trust in that person or company.
A legal obligation of one party to act in the best interest of another. The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property. Also called fiduciary obligation.
These activities generally will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative), an administrator (if the person dies without a will) or as trustee, depending upon how the decedent held his or her property.

#5) Can there be two (2) trustees for the same living trust?

Yes, this arrangement is typically referred to as co-trustee.  While this may seem like a good idea to the inexperienced person, this is not usually recommended for a number of reasons.  If the two people you plan on naming are not professional / “licensed” fiduciaries, it typically delays the administration process for a number of reasons. Pick at least one or two successor trustees, but stay away from naming co-trustees, there is no benefit to it you can’t get from using a Trust Protector.  Read our “EEA Fiduciary Blog” for more info and learn about other interesting topics.
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