Search results
Results from the WOW.Com Content Network
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.
Deterrence-based trust occurs when an individual fears punishment; as a result, the individual holds true to his or her responsibilities. In knowledge-based trust, some knowledge is known of the trustee and this allows the trustor to understand and predict the trustee's actions. Identification-based trust allows for one member to act as an ...
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]
Revocable trusts can also be used to manage property if the creator becomes incapacitated. A successor trustee is named in the event of the creator’s inability to continue managing their affairs ...
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the beneficiary .
Subrogation is the assumption by a third party (such as a second creditor or an insurance company) of another party's legal right to collect debts or damages. [1] It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for their own benefit. [2]
Georgia coach Kirby Smart took exception to Notre Dame's full-scale substitution in the fourth quarater of the Sugar Bowl. But he was wrong. Kirby Smart falsely claims that Notre Dame's 11-man ...
Tracing also shows any proceeds of sale or property purchased using trust property in the hands of the trustee or third parties. Owners can recover their property and perhaps also any profits made from it, or in situations where the property cannot be recovered (as it has been mixed in with other property, or cannot be found), substitute ...