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A trust can have one trustee or many. In the event of multiple trustees, the older common law rules required that all trustees act unanimously. [27] The modern rule reflected in the UTC permits co-trustees to act by majority vote. [28]
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
No-one doubts that a trustee has fiduciary responsibilities. If a protector also has fiduciary responsibilities, then the courts—if asked by beneficiaries—could order him or her to act in the way the court decrees. However, a protector is unnecessary to the nature of a trust—many trusts can and do operate without one.
A joint trust is revocable while one or both partners live. When one partner dies, the surviving spouse becomes the sole trustee. The joint trust becomes irrevocable when the remaining spouse dies ...
Fiduciary duty requires trustees to act in the best interests of beneficiaries at all times. Technically, a trustee can also be a beneficiary but that's not common.
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[12] [13] Someone wishing to transfer land to someone aged under 18 may appoint a nominee to act as the legal owner, with the person aged under 18 becoming the equitable beneficial owner. Although there is a restriction on persons under 18 owning the legal title to land, they may nonetheless take ownership of the equitable beneficial interest ...
Trustee Act may refer to: Trustee Act 1925; Trustee Act 2000 This page was last edited on 1 January 2024, at 19:34 (UTC). Text is available under the Creative ...