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beneficiaries under a bare trust (including a constructive or resulting trust), to whom the trustee owes basic duties arising by law; and; beneficiaries under an express trust (either an inter vivos trust or a testamentary trust), where the trustee owes additional duties and has additional powers specified by the trust instrument.
The beneficiary is typically a person, but it could be any number of individuals, as well as other entities: A trustee of your trust. Your estate. A charity or other such organization. A single person
Trustees may be held to a high standard of care in their dealings to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to ancillary duties in support of the primary duties, including openness, transparency, recordkeeping, accounting, and disclosure. A trustee has a duty to know, understand, and abide by the ...
The most infamous example would be beneficiaries who clamor against the trustee to "bust the trust" based on the strict limits the trust (or the trustee) may impose on the trust assets. In many of these cases, the UTC provides beneficiaries (and trustees) relief to provide the flexibility needed to dispose of trust property under certain rules.
One usage of the term "fiduciary trust" is to distinguish the word "trust" from usage in general contexts where it does not imply a trustee-beneficiary relationship, and also sometimes to distinguish it from implied trusts (such as some constructive trusts and some resulting trusts) in which the trustee does not have express intent of a major ...
Individual taxable brokerage accounts. Your individual taxable investment account belongs only to you. That’s why adding a beneficiary to your individual account is the fastest way to transfer ...
Adding a beneficiary or a joint account holder to your bank accounts is a great way to transfer assets to your family in a clear-cut way. You avoid the hassle of probate, and your assets are ...
The beneficiary, at law, has no legal title to the trust; however, the trustee is bound by equity to suppress their own interests and administer the property only for the benefit of the beneficiary. In this way, the beneficiary obtains the use of property without being its technical owner.