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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]
If the children are under 18, or under some other age mentioned in the will (21 and 25 are common), a trust must come into existence until the 'contingency age' is reached. The executor of the will is (usually) the trustee and the children are the beneficiaries. The trustee will have authority to assist the beneficiaries during their minority. [29]
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate.In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee, who holds the property as security for a loan from the lender to the borrower.
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Rhonda Griswold, a Cades Schutte law firm partner, joins producer/host Coralie Chun Matayoshi to discuss your fiduciary duties as an Executor or Trustee, things you need to do, notice and ...
An executor is a type of personal representative who’s specifically designated in someone’s will to carry out their final wishes and distribute their assets. A financial advisor can be […]