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The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed, and will remain private among the trustees.
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In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action. [25] However, the threshold for removal under the UTC is not substantial.
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 ...
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...
The two main estate planning tools are wills and living trusts. While they have some overlaps, these instruments also have key […] The post Differences Between a Living Trust and a Will in Texas ...
The trustees may have power to pay capital as well as income to the life tenant. Alternatively, they may have rights to transfer ("appoint") property to other beneficiaries ahead of their entitlement. Discretionary trust the trustees may pay out income to whichever of the beneficiaries they, in the reasonable exercise of their discretion, think ...
Trustees may be held to a high standard of care in their dealings to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to ancillary duties in support of the primary duties, including openness, transparency, recordkeeping, accounting, and disclosure. A trustee has a duty to know, understand, and abide by the ...