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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)).
Закони, дослівно
Certification of trust
G.L. c. 203E, § 1013 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Co-trustees
G.L. c. 203E, § 703 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Vacancy in trusteeship; appointment of successor
G.L. c. 203E, § 704 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Resignation of trustee
G.L. c. 203E, § 705 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
Must Massachusetts co-trustees act unanimously?
Co-trustees who are unable to reach a unanimous decision may act by majority decision (G.L. c. 203E, § 703(a)), and each co-trustee participates in a trustee's function unless unavailable or the function was properly delegated to another trustee (§ 703(c)). The enacting act does not apply subsection (a) to trust instruments executed before July 8, 2012 (section 65 of St. 2012, c. 140).
Is a Massachusetts co-trustee liable for the other's breach?
A trustee who does not join in another trustee's action is not liable for it, but each trustee exercises reasonable care to prevent a co-trustee from committing a breach of trust and to compel a co-trustee to redress one (G.L. c. 203E, § 703(e), (f)).
What happens when one Massachusetts co-trustee resigns?
The resignation takes 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 the court's approval (G.L. c. 203E, § 705(a)); the remaining co-trustees may act for the trust, and the vacancy need not be filled (§§ 703(b), 704(b)). The resignation does not discharge the resigning trustee's liability for acts or omissions (§ 705(c)).
За темою
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