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A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
A trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. [20] If trustees do not adhere to these duties, they may be removed through a legal action. The trustee may be either a person or a legal ...
The California Department of Motor Vehicles (DMV) is the state agency that registers motor vehicles and boats and issues driver licenses in the U.S. state of California. It regulates new car dealers (through the New Motor Vehicle Board), commercial cargo carriers, private driving schools, and private traffic schools.
Thus, a trustee can be exonerated from the "self-dealing" rules on property in situations where: (1) the transaction was authorized by the terms of the trust; (2) the transaction was approved by the court;(3) the beneficiary did not commence a judicial proceeding within the time allowed under statutes of limitation; (4) the beneficiary somehow ...
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 .
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee 's duty to administer the trust solely in the interest of the beneficiaries , and following the terms of the trust .
The trustees may have power to pay capital as well as income to the life tenant. Alternatively, they may have rights to transfer ("appoint") property to other beneficiaries ahead of their entitlement. Discretionary trust the trustees may pay out income to whichever of the beneficiaries they, in the reasonable exercise of their discretion, think ...