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Question 1
Katarina's will leaves certain land in trust for her daughter, Anatasia. She named her sister, Muriel, and brother, Sebastian, as the trustees. She named Bank of America's trust department as the successor trustee. Katarina died unexpectedly six months ago, thereby activating the trust. At the time of Katarina's death, Muriel was a 30-year-old photographer living in Milan, Italy and Sebastian was a 16-year-old high school student in Miami, FL. Who is the proper trustee(s)?
Correct
Incorrect!
Correct
Incorrect!
Correct
Incorrect!
Correct Generally, the court will appoint the trustee named in the will. Yet, if one of the co-trustees is disqualified from serving, only the other co-trustee has the authority to act. Here, Katarina named two trustees, Muriel and Sebastian. Sebastian is disqualified from serving since he is a minor. So, Muriel becomes the only trustee with the authority to act.
Incorrect! Generally, the court will appoint the trustee named in the will. Yet, if one of the co-trustees is disqualified from serving, only the other co-trustee has the authority to act. Here, Katarina named two trustees, Muriel and Sebastian. Sebastian is disqualified from serving since he is a minor. So, Muriel becomes the only trustee with the authority to act.