Washington
The original trustee of an AB type trust wants to name me as co-trustee (of both the revocable A and irrevocable B trust) to enable me to help with the administration of the trust. We both would be able to act independently of the other. If I am named co-trustee, how are the assets (accounts, property deeds, etc) titled? Must both our names be included or just the original trustee? If my name is included, how do the financial institutions know that I am not the "owner" ( for tax purposes, sending account statements, etc) but am serving only as the trustee.
Thanks.
The original trustee of an AB type trust wants to name me as co-trustee (of both the revocable A and irrevocable B trust) to enable me to help with the administration of the trust. We both would be able to act independently of the other. If I am named co-trustee, how are the assets (accounts, property deeds, etc) titled? Must both our names be included or just the original trustee? If my name is included, how do the financial institutions know that I am not the "owner" ( for tax purposes, sending account statements, etc) but am serving only as the trustee.
Thanks.