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An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
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the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform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]
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If the children are under 18, or under some other age mentioned in the will (21 and 25 are common), a trust must come into existence until the 'contingency age' is reached. The executor of the will is (usually) the trustee and the children are the beneficiaries. The trustee will have authority to assist the beneficiaries during their minority. [29]
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Victor Holder was an executor of his father’s will. [1] He wanted to renounce executorship, after he had performed some tasks in that capacity. Unfortunately that technically meant the executorship could not be properly renounced. The remaining executors put two farms up for auction, on which Victor was a tenant. Victor bought them at the ...