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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]
Accounting staffers within the Trustee's office review all debtor filings, and monitor trustee and attorney fees in all cases. Attorneys employed by the Trustee represent the office in United States bankruptcy court and pursue civil sanctions for some egregious violations of the law in Chapter 7, 12 and 13 cases.
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.
The grantor is typically the trustee of their trust. They control the assets that are held inside through the rest of their life or until a successor trustee takes over. Once the grantor passes ...
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
The "trusty system" (sometimes incorrectly called "trustee system") was a penitentiary system of discipline and security enforced in parts of the United States until the 1980s, in which designated inmates were given various privileges, abilities, and responsibilities not available to all inmates.
The public trustee is an office established pursuant to national (and, if applicable, state or territory) statute, to act as a trustee, usually when a sum is required to be deposited as security by legislation, if courts remove another trustee, or for estates if either no executor is named by will or the testator elects to name the public trustee.
He served as a trustee of Colgate University, in Hamilton, New York, from 1981 to 1989, and as a successor trustee of Yale (Fellow of the Yale Corporation), from 1987-1999. He was the first Roman Catholic to serve on the Yale Corporation. From 2000 to 2012, he was a trustee of Columbia University. [2] [24] [25]