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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 ...
In an irrevocable trust, the trust instrument may, in some instances, grant the beneficiaries a power to remove a trustee by a majority vote. Absent this provision, in most UTC jurisdictions, other co-trustees or beneficiaries can remove a trustee only by court action. [25] However, the threshold for removal under the UTC is not substantial.
In trust law, a letter of wishes is a tool used by a settlor when setting up a trust, to pass along information to the trustees. A letter of wishes usually contains instructions or extra information for the trustees. The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in ...
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
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A deed of trust has a crucial advantage over a mortgage from the lender's point of view. If the borrower defaults on the loan, the trustee has the power to foreclose on the property on behalf of the beneficiary. In most U.S. states, a deed of trust (but not a mortgage) can contain a special "power of sale" clause that permits the trustee to ...
By Linda Deutsch LOS ANGELES (AP) - With a $2 billion sale of the Los Angeles Clippers hanging in the balance, a judge suggested Monday that the terms of a family trust are clear enough to remove ...
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
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