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In many cases, a trustee, particularly an individual, who may not have certain expertise in various areas (i.e., investing, real estate management, ongoing business management, etc.) may wish to use an agent who is an expert and delegate authority to that expert as to certain incidentals of trust administration.
Tips on Estate Planning When creating your estate plan, be sure to include a financial advisor in the planning. Such an expert can provide valuable advice on the appropriate accounts, asset mix ...
Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...
A trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries.
For example, the directors of a bank may be trustees for the depositors, directors of a corporation are trustees for the stockholders and a guardian is trustee of his ward's property. Many corporations call their governing board a board of trustees, though in those cases they act as a board of directors .
Where a settlement of property on a third party trustee by a settlor fails, the property is usually said to be held on resulting trusts for the settlor. However, if a settlor validly transfers property to a third party, and the words used are held not to create a trust, the usual rule is that the donee takes the property absolutely.
A nominee trust is an example of a bare trust: [5] this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, [6] and where there are no restrictions beneficiary's right to use the property. [7]
Additionally a Protector may be appointed who, for example, is authorized to appoint new trustees and to review the trustees' annual accounts. To be valid at common law, a trust instrument must ascertain its beneficiaries, as well as the res (a Law Latin term meaning "thing") or subject matter of the trust, unless it is a charitable trust which ...