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The modern rule reflected in the UTC permits co-trustees to act by majority vote. [28] Where a co-trustee is unable to be actively involved in the management of the trust due to age or illness, the remaining co-trustees can generally act on behalf of the trust "to achieve the purposes of the trust or to avoid injury to the trust property."
A trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries.
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means ...
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the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform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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You can name adult children ages 18 or older directly as beneficiaries on your accounts through a transfer-on-death designation or in your will, giving them full control of the assets.
If Article 8 is set aside and the brokerage account is considered purely under principles of common law, there is a possibility of construing the collection of brokerage accounts in the intermediated custodial holding chain as a collection of directed agency nominee trusts. According to this legal theory, each securities position with respect ...
Many similar ideas have been proposed over the years only to fade in the legislative process, including Democratic Sen. Cory Booker’s American Opportunity Accounts Act, which aimed to provide ...