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If that happens, the remaining payments go to your beneficiary or estate. For example, choosing a life annuity with a 10-year period certain means your annuity will pay you for life, but if you ...
In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [22] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [23]
Technically, a trustee can also be a beneficiary but that's not common. It may not be wise either if you'd like there to be some separation of rights and responsibilities between your trustee and ...
beneficiaries under a bare trust (including a constructive or resulting trust), to whom the trustee owes basic duties arising by law; and; beneficiaries under an express trust (either an inter vivos trust or a testamentary trust), where the trustee owes additional duties and has additional powers specified by the trust instrument.
Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. 'As Trustee For' (ATF): This is the legal term used to imply that an entity is acting as a trustee. Beneficiary: A beneficiary is anyone who receives benefits from any assets the trust owns.
If you've just inherited a windfall from a deceased relative's trust, you're likely wondering, "How does a beneficiary get money from a trust?" When your deceased relative created the trust, they ...
The choice of who is the trustee of the trust and the type of property subject to the trust will vary depending on the purpose of the employee trust. Many employee trusts are discretionary trusts, where the trustee has discretion to select which beneficiaries benefit, when and how. It is possible that beneficiaries have fixed or absolute ...
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...