Co Trustee Trust Fund Usage

Summary

Co-trustees in Nevada usually need joint approval to use trust funds for expenses like hiring a lawyer, unless the trust document states otherwise. After a grantors death, a trust typically requires a new taxpayer identification number as it becomes an irrevocable entity. Consult a local attorney for specific guidance.

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what if the trust is in Nevada
In Nevada, similar principles apply to co-trustees as in California, but there may be variations based on state law. Here are some points to consider:
- Co-trustees usually have equal authority unless the trust document specifies differently.
- Joint approval is typically needed for decisions unless the document states otherwise.
- Review the trust document for specific provisions regarding decision-making by co-trustees.
Does the trust document have any specific ruling regarding co-trustee decision-making?
after the death of the grantor does the trust have to get a new taxpayer id
Yes, when the grantor of a trust passes away, the trust typically needs to obtain a new taxpayer identification number (TIN). Here's why:
- The trust transitions from a revocable to an irrevocable trust upon the grantor's death.
- The trust becomes a separate legal entity, requiring its own TIN for tax purposes.
- The new TIN is used for filing any necessary tax returns related to the trust.
If you have specific questions or need help with this process, consult with a tax advisor or attorney who specializes in trust administration.