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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 ...
Finally, the Code does not consider certain transactions precluded under the Code solely because they involve "others" to the possible detriment of the beneficiaries. These can include a corporate trustee that conducts transactions with other trusts in which the entity may also be a trustee, the executor of an estate or other fiduciary. [61]
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.
Many of these issues can be addressed with the use of a trust that can hold assets under the supervision of a third-party trustee for distribution as needed until the beneficiary is competent or ...
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.
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 ...
The trustee, whose duty is to carry out the terms of the will. They may be named in the will, or may be appointed by the probate court that handles the will. 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 ...
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