Legal Question in Wills and Trusts in California
is the acceptance of the trustee a totally separate document? and can there be mutiple trusts at one time?
2 Answers from Attorneys
Your phrasing of the questions is very confusing. The trust document contains all the language of how the trust is to be carried out. The named trustee does not have to sign any document saying they have agreed to be trustee, they simply do the acts required of the trustee. If they decline, they probably should write to the next in line trustee stating that they are declining to service. A person can have as many trusts as they want, but none of them have any meaning if no property title is transferred into the trust, unless you can get a court to rule that the transfer was clearly inferred. But if property Xis placed in the first trust and never transferred out, and then the trustor creates trust B for the property, it is still in X and B is largely meaningless.It is not like a Will were subsequent Wills revoke earlier ones.
In addition to what Mr. Shers says above, you can sign an acceptance of trustee document. Some financial institutions want to see this plus it establishes the date that you start to act as trustee which is important for accounting purposes.
One trust document can contain the terms for multiple trusts. For instance, a married couple can established a revocable trust which splits into multiple trust upon the first death. Typically the joint trust would split into an A and a B trust or you can even have a C or D trust. Or the trusts can be called something different within the terms of the joint trust. The one trust document does contain all the terms of the multiple trust, but if one of the separate trust is amended or modified, it could have different terms.