Serving as co-trustees under Massachusetts law

Majority rule when unanimity fails

G.L. c. 203E, § 703(a) provides that co-trustees who are unable to reach a unanimous decision may act by majority decision. A co-trustee participates in the performance of a trustee's function unless unavailable because of absence, illness, disqualification under other laws or other temporary incapacity, or the co-trustee has properly delegated the performance of the function to another trustee (§ 703(c)); where a co-trustee is unavailable and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust (§ 703(d)). If a vacancy occurs in a co-trusteeship, the remaining co-trustees may act for the trust (§ 703(b)). The enacting act does not apply subsection (a) to trust instruments executed before July 8, 2012 (section 65 of St. 2012, c. 140).

Delegation and liability between co-trustees

A co-trustee need not participate in a function the co-trustee has properly delegated to another trustee (G.L. c. 203E, § 703(c)); the code's general rule lets a trustee delegate duties and powers where prudent, with reasonable care, skill and caution in selecting the agent, setting the scope and terms and periodically reviewing the agent's actions (§ 807(a)). Except as subsection (f) provides, a trustee who does not join in an action of another trustee is not liable for the action (§ 703(e)); each trustee exercises reasonable care to prevent a co-trustee from committing a breach of trust and to compel a co-trustee to redress a breach of trust (§ 703(f)). A lack of cooperation among co-trustees that substantially impairs the administration of the trust is one of the grounds on which the court may remove a trustee (§ 706(b)(2)).

Vacancies, resignation and signing for the trust

A vacancy occurs if a designated trustee rejects the trusteeship, cannot be identified or does not exist, or if a trustee resigns, is disqualified or removed, dies or has a guardian or conservator appointed (G.L. c. 203E, § 704(a)). If one or more co-trustees remain in office, the vacancy need not be filled; a vacancy that must be filled is filled first by a person the terms of the trust designate as successor trustee, then by a person the qualified beneficiaries appoint by unanimous agreement, then by a person the court appoints (§ 704(b), (c)). A trustee may resign on at least 30 days' notice — to the settlor and all co-trustees of a revocable trust, or to the qualified beneficiaries and all co-trustees of any other trust — or with the court's approval (§ 705(a)), and a trustee who has resigned or been removed delivers the trust property in the trustee's possession expeditiously to the co-trustee, successor or other person entitled to it (§ 707). A certification of trust states the authority of co-trustees to sign or otherwise authenticate and whether all or less than all are required to exercise powers of the trustee, and any trustee may sign or otherwise authenticate it (§ 1013(a)(6), (b)).

Les textes de loi, mot pour mot

• Certification of trust

  G.L. c. 203E, § 1013 ↗

  Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.

• Co-trustees

  G.L. c. 203E, § 703 ↗

  Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.

• Vacancy in trusteeship; appointment of successor

  G.L. c. 203E, § 704 ↗

  Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.

• Resignation of trustee

  G.L. c. 203E, § 705 ↗

  Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.

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