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An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners.
As part of the duty of loyalty, trustees also have a duty to act impartially with respect to trust beneficiaries. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests. [63]
When you set up a trust bank account, the bank acts as the custodian of the account. The trustee still retains control of the trust's management, though.
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts.
Continue reading → The post How to Set Up a Trust Bank Account appeared first on SmartAsset Blog. Especially when it comes to the issue of assets and finances. Many people take steps like ...
A trust fund is a legal entity designed for holding assets, not a specific type of account as is thought in the popular imagination. Because of this, trust funds can be the owner of a variety of ...
As a practical matter proper management of a lawyer's IOLTA or trust account is a key management skill in the operation of a law office which is based on principles of double-entry bookkeeping, with certain additional safeguards designed to enhance the audit trail in the event a lawyer becomes unable or otherwise unwilling to cooperate with bar ...
A fiduciary trust is a fiduciary relationship in which a trustee holds the title to assets for the beneficiary. The trust's creator is called the grantor and a fiduciary trust is structured under trust law .
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