United States:
Presentation: The More The Merrier? Issues Arising From Co-Trustees Administering Trusts
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David Johnson presented his paper "The More The Merrier?
Issues Arising From Co-Trustees Administering Trusts" to the
State Bar of Texas's Advanced Estate Planning and Probate
Course on June 9, 2021. This presentation addressed the advantages
and drawbacks for co-trustee management, who can be a co-trustee
and succession issues, fiduciary duties and joint management, the
duty and right to participate in management and cooperation,
delegation of duties between co-trustees, the duty to disclose,
co-trustee compensation, co-trustee deadlock and methods for
breaking same, liability for co-trustee's actions, third party
reliance on co-trustee's actions, the duty to sue a co-trustee,
the payment of costs of litigation (ultimate and in the interim),
litigation issues, attorney/client privilege issues, and drafting
issues.
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