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Appointer: This is the person who can appoint a new trustee or remove an existing one. This person is usually mentioned in the trust deed. Appointment: In trust law, "appointment" often has its everyday meaning. It is common to talk of "the appointment of a trustee", for example. However, "appointment" also has a technical trust law meaning ...
Finally, the UTC requires that a trust must not have the same person as the sole trustee and sole beneficiary. [95] Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the
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In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer the estate of another person. If the estate being administered is that of a deceased person, the personal representative is either an executor if the deceased person left a will or an administrator of an intestate estate. [1]
Rhonda Griswold, a Cades Schutte law firm partner, joins producer/host Coralie Chun Matayoshi to discuss your fiduciary duties as an Executor or Trustee, things you need to do, notice and ...
The testator is the person who makes the will and the person on whose behalf an executor acts during probate. If the executor of a will passes away before the testator, then a new one can be named.
An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
An executorial trustee is someone who is appointed to be an executor (the person who carries out the directions set forth in a will) and also be a trustee of a testamentary trust created by the will. [ 1 ]