The Question: Does ERISA shield co-trustees
from liability if a pension fund's board of trustees does not question the investments made or the methods of allocation until after the fund suffered losses?
(b) innocent co-trustees
have a right to be indemnified by defaulting co-trustees
who receive trust funds for their own use ('personal benefit rule'); (49)
 Having two or more trustees can gum up the decision-making process, especially if the co-trustees
aren't getting along.
At a later date, when the client was otherwise comfortable with fully distributing the principal (35 in the above example), the plan could allow the beneficiary the right to remove and replace their co-trustee
. Note that with these modifications, the beneficiary possesses a great deal of control over the principal, yet the asset protection and wealth education principles have been preserved.
When more than one party is named, each is a co-trustee
and all make decisions (and bear responsibility for mistakes) jointly.
In January of 1989, she amended her trust to indicate her change in residence to Wisconsin; changed the co-trustee
and named a successor trustee to M & I; First National Bank, West Bend, Wisconsin; added a number of specific bequests; and changed the description of the residuary gift to include the name of her husband's first wife.
He said there had been two instances where Ms Cheong practised without a certificate, but he said 'the most serious aspect of the case' was a complaint by the beneficiary of a late relative's estate of which the solicitor was co-trustee
Later, you can have the adult child assume co-trustee
duties so he or she can help make actual decisions.
Carlos Gutierrez, was named a co-trustee
of the W.K.
Sometimes, this can place a strain on family relations, so it's a good idea to appoint a co-trustee
, someone a bit distanced from the inner circle of family politics and with substantive trustee and investment experience.
He was Einstein's closest friend and adviser, and he spent the past three decades as executor and then co-He spent the past three decades as executor and then co-trustee
of the Einstein estate, sacrificing his own profession.
Rehan said that Alvi had thrice changed his statement in the court during hearings of a 1977 case against him pertaining to the Alvi Trust, of which he claimed Alvi was a co-trustee
. The petition said that the PTI leader had submitted inaccurate documents in the court, due to which he acquired ownership of 1,810 acres of land near Hawkes Bay beach, adding that the current chief justice of the SHC had also issued an order against Alvi earlier.