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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 ...
In addition, for corporate trustees, if the trustee utilizes mutual funds or common trust funds in which they are compensated for managing the fund (as well as a customary trustees fee), such arrangements are not considered conflicts of interest provided there is full disclosure to the beneficiaries of the relationship. [60]
Chart of a trust. Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the ...
A trust is an excellent way to bestow wealth, but disbursing money to your beneficiaries hinges on a crucial party: the trustee. Your trustee's financial knowledge, discretion and accountability ...
A trust is a legal arrangement in which one person, called a grantor, transfers the management of assets to someone else. That someone else is called a trustee .
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts. The "trust" name refers to the ability to act as a trustee – someone ...
JH Langbein ‘Questioning the Trust Law Duty of Loyalty’ (2005) 114 Yale Law Journal 929–990. A Hicks, ‘The Trustee Act 2000 and the Modern Meaning of Investment’ (2001) 15 (4) Trust Law International 203; DA De Mott, 'Beyond Metaphor: An Analysis of Fiduciary Obligation' (1988) 5 Duke Law Journal 879.
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