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The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
In one of the odd provisions of the Texas Government Code, there is no requirement that a municipal judge be an attorney if the municipal court is not a court of record (Chapter 29, Section 29.004), but the municipal judge must be a licensed attorney with at least two years experience in practicing Texas law if the municipal court is a court of ...
A revocable, or “living” trust is a commonly used type of trust that allows the grantor — the trust’s creator — to make changes, or even cancel the trust, based on their preferences.
Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical ...
Courts of Texas include: State courts of Texas. Texas Supreme Court (Civil) [1] Texas Court of Criminal Appeals (Criminal) [2] Texas Courts of Appeals (14 districts) [3] Texas District Courts (420 districts) [4] Texas County Courts [5] Texas Justice Courts [6] Texas Municipal Courts [7] Federal courts located in Texas. United States District ...
With a living trust or family trust, you can create rules on how your estate is distributed without hefty costs and publicity of probate court. There are many nuances with trust rules, so speak ...
The Texas legal system is based on common law, which is interpreted by case law through the decisions of the Supreme Court, the Court of Criminal Appeals, and the Courts of Appeals, which are published in the Texas Cases and South Western Reporter. Counties and municipal governments may also promulgate local ordinances.