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Beneficiaries may seek the removal of a trustee if they believe the trustee has committed a breach of fiduciary duty. For example, say that the beneficiaries believe the trustee is siphoning ...
The grantor can transfer assets into and out of the trust, modify the terms of the trust, and change the trustee, successor trustee and beneficiaries at any time.
In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action. [25] However, the threshold for removal under the UTC is not substantial.
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 ...
Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. 'As Trustee For' (ATF): This is the legal term used to imply that an entity is acting as a trustee. Beneficiary: A beneficiary is anyone who receives benefits from any assets the trust owns.
the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that ...
Grantors can alter the beneficiaries throughout their lifetime and change the terms with this type of trust. However, with an irrevocable trust , typically, the grantor cannot alter the terms of ...
beneficiaries under a bare trust (including a constructive or resulting trust), to whom the trustee owes basic duties arising by law; and; beneficiaries under an express trust (either an inter vivos trust or a testamentary trust), where the trustee owes additional duties and has additional powers specified by the trust instrument.
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