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[37] Trustees cannot act (or omit to act) if the trust's purposes are illegal, impossible to achieve or else against public policy. [38] The standard for a trustee actions under the UTC is that a trustee must act "as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust."
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
Your investment account’s transfer process after death depends on how you’ve set it up – from quick transfers with proper beneficiaries to lengthy cort processes with probate.
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the trustee, whose duty is to carry out the terms of the will. they may be named in the will, or may be appointed by the probate court that handles the will; the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees ...
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
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