How Many Substitute Trustees may be appointed in Colorado?
Full Question:
Can 8 people be the Substitution of the Trustee?
03/18/2009 |
Category: Trusts |
State: Colorado |
#15676
Answer:
Colorado statutes don't contain a limit on the number of substitute trustees that may be appointed. However, if there are multiple trustees, the more there are, the greater the likelihood of conflict may be. The trust document should specify how multiple trustees are to be allowed to make decisions. The likelihood of conflict is greater especially if decisions are specified to be made jointly, as opposed to the trust document specifying that they may act independently.