What is the name of your state (only U.S. law)? NY
My parents are preparing an amendment to their revocable living trust and one change they want to make is that they are adding me as a co-trustee instead of as a successor trustee. The only reason they are adding me as a co-trustee is to make it easier for me to help administer the trust in the event that it becomes necessary without having to go through any additional process for me to assume my role as successor trustee. I am not a grantor. My mother and father are the other co-trustees and grantors.
I don't intend to sign any documents in my capacity as trustee unless it becomes necessary due to their death or incapacity but I want to be prepared should that time come so I can step in to help them if needed.
If and when I do eventually need to sign something, such as a contract on behalf of the trust, I believe that I should sign it like "[My signature], Trustee" in order to avoid possible personal liability.
Is this correct?
Does this also apply to signing any checks that I would need to pay out from trust accounts? Should I sign all checks drawn on trust accounts this same way?
Also, if the trust receives a check, how should I endorse it in order to deposit it in a trust account?
Thank you for any assistance!
My parents are preparing an amendment to their revocable living trust and one change they want to make is that they are adding me as a co-trustee instead of as a successor trustee. The only reason they are adding me as a co-trustee is to make it easier for me to help administer the trust in the event that it becomes necessary without having to go through any additional process for me to assume my role as successor trustee. I am not a grantor. My mother and father are the other co-trustees and grantors.
I don't intend to sign any documents in my capacity as trustee unless it becomes necessary due to their death or incapacity but I want to be prepared should that time come so I can step in to help them if needed.
If and when I do eventually need to sign something, such as a contract on behalf of the trust, I believe that I should sign it like "[My signature], Trustee" in order to avoid possible personal liability.
Is this correct?
Does this also apply to signing any checks that I would need to pay out from trust accounts? Should I sign all checks drawn on trust accounts this same way?
Also, if the trust receives a check, how should I endorse it in order to deposit it in a trust account?
Thank you for any assistance!