Legal Question in Wills and Trusts in California
My family has an irrevocable trust, whereby my mother and father are the primary trustees, and it includes me and three siblings as additional trustees. It is relevant to include that one sister and myself hold full powers of attorney regarding all financial and personal matters with both parents, and so as it exists now we four have full bank access and check writing ability regarding trust finances. My dad would like to open a new savings account with check writing ability at another bank, which, of course, would be included in the family trust. However,my mother is infirm and it is difficult for her to travel to the bank, so that is why we would like to know if my father can open a new account on his own, or if it requires all four trustees to open a new account.
1 Answer from Attorneys
It depends on the terms of the trust document. Some allow one or more trustees to act independently for routine acts of trust administration, and to open accounts that do not require all signatures.
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