In short, each co-administrator is responsible for the maintenance of the fiduciary property. Although they cannot be held responsible for the actions of other agents, he or she is nevertheless responsible for taking measures to protect and recover property as a result of these acts if he or she did not agree. Even if the service or notification as co-agent is not mandatory and can, quite rightly, be temporarily excused as long as the costreur occupies the position held by Vonihm. Co-Trustees generally work in liaison with and with the agreement of other agents. This means that a co-director cannot make a decision on fiduciary real estate without the explicit and unanimous agreement of the other partners. Sometimes the Trust makes exceptions to this rule, z.B. when a co-creditor is ill and cannot make decisions, or when the trust expressly allows an agent to make decisions on its own. Almost every person who designs their estate plan will wonder who will be appointed as a successor agent or personal representative (the person who will be responsible for the distribution after the planners` death) and how many people should serve in that position. In a previous blog post,»Questions and Answers» Real Estate Planning Agents, I briefly explained the pros and cons of why someone would only choose one to serve at the same time or have several serve at the same time. You can read it here. In this article, I would like to focus on the specific obligations that co-trustees have to each other, as well as to the Trust and beneficiaries. Unless otherwise stated in the confidence document, all partners have the same power and duties as the Trust. One of the first principles of this great country in which we live is that we cannot force anyone to work for you.
If a fellow makes a person an agent and is not ready to serve in that capacity, then he or she has the right to say, «No» and the position will move to the next choice of fellows. However, as soon as they accept the position of agent, they are allowed to act on behalf of the trust and assume fiduciary responsibilities.