Multi-participant trusts1 have become immensely popular. These trusts replace the single, all-powerful trustee with a host of independent decisionmakers, all deriving their authority directly from the trust instrument. At first, we saw multi-trustee trusts whose co-trustees, instead of sharing all trustee powers as was traditional, were each assigned discrete roles. That approach quickly evolved into today's multi-participant trusts that have a directed trustee — plus: At a minimum, there's ...

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