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The trust grantor has included a specific provision in the trust document allowing the trustee to add or remove beneficiaries. A grantor can name themselves as trustee during their lifetime, with ...
In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [22] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [23]
The choice of who is the trustee of the trust and the type of property subject to the trust will vary depending on the purpose of the employee trust. Many employee trusts are discretionary trusts, where the trustee has discretion to select which beneficiaries benefit, when and how. It is possible that beneficiaries have fixed or absolute ...
Trustees must provide regular accountings of trust income and expenditures. A court of competent jurisdiction can remove a trustee who breaches their duty. Some breaches can be charged and tried as criminal offenses. A trustee can be a natural person, business entity or public body. A trust in the US may be subject to federal and state taxation.
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
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Discretionary trusts can be discretionary in two respects. First, the trustees usually have the power to determine which beneficiaries (from within the class) will receive payments from the trust. Second, trustees can select the amount of trust property that the beneficiary receives.
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means ...