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Simple English definitions for legal terms

cotrustee

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A quick definition of cotrustee:

A cotrustee, also known as a joint trustee, is a person who helps manage a trust along with other trustees. Sometimes, a trust needs more than one trustee because it is very large or has complicated things to take care of. The trustees can have different jobs or have the same power, but they all have to do what is best for the people who will benefit from the trust.

A more thorough explanation:

Cotrustee (also known as joint trustee) refers to a person who manages a trust along with other trustees. A trust can have multiple trustees, which may be necessary for large trusts or those involving complex assets. The trustees can have equal authority or specific roles to play, but they are all bound by the traditional fiduciary duties to the beneficiaries as in every trust.

For example, a wealthy individual may establish a trust to manage their assets and provide for their family after their death. They may appoint two of their children as cotrustees to manage the trust together. Both cotrustees have equal authority and must work together to make decisions that benefit the trust's beneficiaries.

In another example, a business owner may establish a trust to manage their company's assets and ensure their employees are taken care of after their death. They may appoint a cotrustee who is an experienced accountant to manage the financial aspects of the trust while another cotrustee, who is a family member, manages the day-to-day operations of the business.

These examples illustrate how cotrustees can work together to manage a trust and ensure that the beneficiaries' interests are protected. By appointing multiple trustees, the trust can benefit from their different skills and expertise.

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RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
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