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Successor Trustee: A second person who can take over for the trustee if the trustee is incapable of fulfilling the duties or has died There are two kinds of living trusts: revocable and irrevocable.
There are many types of trusts, but one of the most common is a living trust. With a living trust, you designate a successor trustee to carry out your wishes after you pass, distributing assets to ...
The Code permits the use of such third parties to amend or alter even an irrevocable trust. [17] The trustee is to act in accordance with such powers unless "the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person ...
A revocable, or “living” trust is a commonly used type of trust that allows the grantor — the trust’s creator — to make changes, ... Trusts can be managed by successor trustees or, ...
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]
You can name a successor trustee who will have control of the trust only after you die or become unable to make financial decisions. You’ll also list beneficiaries for the trust.
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