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Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can, in some jurisdictions, be held to a higher standard commensurate with their higher expertise. [13]-Trustees can be paid for their time and trouble in performing their duties ...
All trustees have several fundamental duties and responsibilities imposed by the Code and general principles of long-standing common law. The following is a brief description of these duties as enunciated in the Uniform Trust Code and how they generally apply in the actual administration of a trust by the trustees.
A trustee and beneficiary of a trust. When creating a trust, a trustee names a beneficiary who will receive the assets in the trust at the appropriate time. However, as a fiduciary, the trustee ...
A township trustee or a town trustee is an official with authority who is elected over civil township government. The role of a trustee, or board of trustees, may involve helping the poor with basic necessities, provided that they have exhausted all other options of support. [ 1 ]
The trustee may be either a person or a legal entity such as a company, but typically the trust itself is not a legal entity and any litigation involving the trust must include the trustee as a party. [21] A trustee has many rights and responsibilities which vary based on the jurisdiction and trust instrument.
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.
The trustee to whom property is legally committed is the legal—i.e., common law—owner of all such property. The beneficiary, at law, has no legal title to the trust ; however, the trustee is bound by equity to suppress their own interests and administer the property only for the benefit of the beneficiary.
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