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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 ...
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."
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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.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
Young adults would be able to track the growth of their funds, potentially fostering an interest in financial planning and a greater understanding of how to manage money as they enter adulthood ...
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the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform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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