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Here are some of the most common examples of fiduciary relationships: A trustee and beneficiary of a trust When creating a trust , a trustee names a beneficiary who will receive the assets in the ...
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 ...
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
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.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.
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 ...
For example, a discretionary trust, of which the settlor may be the protector and a beneficiary, but not the trustee and not the sole beneficiary. In such an arrangement, the settlor may be in a position to benefit from the trust assets without owning them, and therefore, in theory, protected from creditors.
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee's duty to administer the trust solely in the interest of the beneficiaries, and following the terms of the trust.