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In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Trust beneficiaries may also have to deal with tax repercussions too. Depending on trust, money or assets, and the estate laws within the state, a tax payment may be required. For example, if a ...
As part of the duty of loyalty, trustees also have a duty to act impartially with respect to trust beneficiaries. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests. [63]
They do so on behalf of one or more beneficiaries. A trust beneficiary is an individual or entity who benefits from the trust. So, say you want to set up a trust on behalf of your three children ...
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
According to Trust & Will, probate fees consume 2% to 7% of an estate’s value, leaving only 93% to 98% for beneficiaries. Furthermore, there’s always the risk of the will being contested ...
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