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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 business or "corporate" trust came into use in the 19th-century United States, during the Gilded Age, as a legal device to consolidate industrial activity across state lines. In 1882 John D. Rockefeller and other owners of Standard Oil faced several obstacles to managing and profiting from their large oil refining business.
Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses, while the trustee was known as the feoffee to uses, and the beneficiary was known as the cestui que use, or cestui que trust .
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
A fiduciary is a person who holds a legal or ethical relationship ... trust company or the trust department of a bank, acts in a fiduciary capacity to another party ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Trust (law), a legal relationship in which one person holds property for another's benefit; Trust (business), the combination of several businesses under the same management to prevent competition; Investment trust, a form of investment fund
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