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An executorial trustee is someone who is appointed to be an executor (the person who carries out the directions set forth in a will) and also be a trustee of a testamentary trust created by the will. [ 1 ]
Appointer: This is the person who can appoint a new trustee or remove an existing one. This person is usually mentioned in the trust deed. Appointment: In trust law, "appointment" often has its everyday meaning. It is common to talk of "the appointment of a trustee", for example. However, "appointment" also has a technical trust law meaning ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
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
Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer the estate of another person. If the estate being administered is that of a deceased person, the personal representative is either an executor if the deceased person left a will or an administrator of an intestate estate. [1]
As an executor, you can be held liable if you make distributions too soon before taxes or creditors are paid. Adhere strictly to the timeline that the law enforces. Your lawyer can help you with this.
Testate – person who dies having created a will before death. Testator – person who executes or signs a will; that is, the person whose will it is. The antiquated English term of Testatrix was used to refer to a female. [10] Trustee – a person who has the duty under a will trust to ensure that the rights of the beneficiaries are upheld.