Ads
related to: living will trustee responsibilities
Search results
Results From The WOW.Com Content Network
All trustees have several fundamental duties and responsibilities imposed by the Code and general principles of long-standing common law. The following is a brief description of these duties as enunciated in the Uniform Trust Code and how they generally apply in the actual administration of a trust by the trustees.
An advance healthcare directive, also known as living will, personal directive, advance directive, medical directive or advance decision, is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity. In the U.S. it has a ...
Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can, in some jurisdictions, be held to a higher standard commensurate with their higher expertise. [13]-Trustees can be paid for their time and trouble in performing their duties ...
A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you're the beneficiary of a trust, you may find it necessary to remove the trustee if you ...
The trustee may be either a person or a legal entity such as a company, but typically the trust itself is not a legal entity and any litigation involving the trust must include the trustee as a party. [21] A trustee has many rights and responsibilities which vary based on the jurisdiction and trust instrument.
Continue reading → The post Key Differences: Living Will vs. Last Will appeared first on SmartAsset Blog. Planning for the later years of your life is often an emotionally taxing experience ...