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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 ...
Continue reading ->The post Fiduciary Duties in Trusts and Estate Planning appeared first on SmartAsset Blog. As you plan how you will leave your estate, it's important to your family’s future ...
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 ...
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.
When creating an estate plan, it may be necessary to name a trustee to handle your assets. For example, if you're establishing a revocable living trust to pass on wealth to your spouse or children ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...