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For much of the 20th century, Canada's trust companies were controlled by the major banks through interlocking directorates. However, revisions to the Bank Act in 1967 forbade individuals from sitting on a bank and trust company board simultaneously; this had been a recommendation in the 1964 Report of the Royal Commission on Banking and ...
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 ...
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A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
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.
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies. The significant exception to this rule is trusts.
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Generally, after the trustor passes away, the trustee notifies the trust’s beneficiaries, enacts the trust’s conditions and the beneficiaries receive the assets. ... For example, if $50,000 is ...