As joint trustees, either spouse has legal authority to act as trustee and will have instant control over the property in the trust in the event of the other's death or disability. A successor trustee is named to manage the trust upon the death or disability of the trustee or if for some other reason the trustee becomes unwilling or unable to serve. No court proceedings or legal action is required for the successor trustee to take control and assert the same powers that the trustee had to buy, sell and transfer trust assets. Institutions can also be named as a successor trustee. It goes without saying that a trustee and any successor trustee should be someone known and trusted by the grantor.
Some professionals recommend naming more than one trustee.
It is believed that multiple trustees will monitor each other, making it less likely that one of the trustees will take actions which are not in the best interest of the estate. A trustee functions in a fiduciary capacity and must, by law, act strictly in accordance with the trust instructions. Trustees, like executors of wills, are entitled to receive a reasonable fee for their services. Family members serving in this capacity generally forego their fee and banks typically collect their fees when they start acting as trustee. Before naming a bank or trust company as trustee, inquire about fees.