If there are two successor trustees can one close a bank account without the other if the trust says jointly?

Question

If the trust states that the successor trustees are to work jointly then are they allowed to close an bank account without one successor trustees knowledge shouldn't taxes be paid out of that account first.

Answer 1

If taxes must be paid, it is the responsibility of the trustees to pay them. The relation between the bank and the trustees is governed by what appears on the signature card of the bank. Sure, the signature card may say that only one signature is required to close an account.

The important relationship is defined by the trust agreement. The trustee is the legal owner of the trust "res" subject to the equitable ownership of the beneficiaries. The trustee can be personally sued if he breaches the trust to the detriment of the beneficiaries.

The proper action of the beneficiaries in the event of the breach of a trust is to have the Orphans' Court (surrogate court) require the filing of an accounting. Using this information, the Court may surcharge the trustee for misfeasance of office and require the trustee to reimburse the trust for any loss.