"Trustee (or the holding of a trusteeship) is the individual appointed by a court of law to administer the property of a deceased person held in a trust, or in the custody of a Bankruptcy Court."
The duties and powers of a trustee, including managing trust property, investing trust funds, and distributing trust assets.
Introduction to Trusts: Understanding the concept of trust, its history, development, and objectives.
Trust Property: Identifying the property that can be held in trust, including real estate, personal property, and intangible assets.
Trust Creation: Learning about the different ways of creating a trust, including express trusts, resulting trusts, and constructive trusts.
Trustee Roles and Duties: Understanding the roles and responsibilities of trustees, including the duty of care, loyalty, and good faith.
Beneficiary Rights: Grasping the rights of beneficiaries, including the right to receive trust property, the right to information, and the right to enforce the trust.
Trustee Powers: Learning about the powers of trustees, including managing and investing trust property, and making decisions concerning the trust.
Breach of Trust: Examining the circumstances that may lead to a breach of trust, including mismanagement of trust property, failure to invest assets effectively, and conflict of interest.
Trust Variation and Termination: Studying the different situations that may lead to a variation of trust or its termination, including the beneficiaries' agreement, court order, or operation of the trust deed.
Charitable Trusts: Understanding the unique features of a charitable trust, including the definition of charity, its registration, and management.
Trusts and Taxation: Identifying the tax implications that arise from different types of trusts, including income tax, capital gains tax, and inheritance tax.
Trusts and Family Law: Exploring the impact of family law on trusts, including matrimonial disputes, property division, and variation of trusts.
Trusts and Insolvency: Examining the effect of insolvency on trusts, including the position of trustees and beneficiaries during bankruptcy proceedings.
Trusts and Estate Planning: Understanding the role of trusts in estate planning, including the use of testamentary trusts, life insurance trusts, and asset protection trust.
Trusts and Commercial Law: Identifying the role of trusts in business, including joint venture trusts, employee benefit trust, and share trusts.
Trusts and Equitable Remedies: Studying the equitable remedies available to beneficiaries and trustees in case of a breach of trust, including specific performance, injunctions, and tracing remedies.
Private Trustees: Private Trustees are trustees appointed by the testator or grantor of a trust, responsible for managing and distributing the trust's property.
Public Trustees: Public Trustees are government-appointed trustees responsible for managing and distributing the property of individuals who die without a will or an adequate estate plan.
Corporate Trustees: Corporate Trustees are trustees appointed by corporate entities responsible for managing and distributing the trust's property on behalf of the corporation.
Trust Protectors: A Trust Protector acts as a fiduciary to ensure that the trust is being administered correctly over time. They can review trust documents, replace or remove trustees, and can be given broad power to modify the trust.
Special Trustees: Special Trustees are appointed to serve a specific purpose, such as the sale of a property, or the distribution of a specific asset.
Testamentary Trustees: Testamentary Trustees are trustees appointed by the grantor's will or trust to manage and distribute the property within the trust during the grantor's lifetime.
Life Income Trustees: Life Income Trustees are trustees that are responsible for making periodic distributions to beneficiaries for their entire lives, distributing the remaining interest upon the beneficiaries' deaths.
Spendthrift Trustees: Spendthrift Trustees are appointed to manage trusts for beneficiaries who are unable to competently manage their own affairs, providing ongoing financial support directly to the beneficiaries.
Investment Trustees: Investment Trustees are trustees appointed to make investment decisions with respect to trust assets.
Discretionary Trustees: Discretionary Trustees are appointed to make decisions in their own discretion with respect to trust assets, such as investment decisions and distribution of assets to beneficiaries.
Trust Advisors: Trust Advisors are appointed to provide expert advice to the trustee in specific areas such as legal, accounting, or investment matters.
Co-Trustees: Co-Trustees are appointed to serve as trustees jointly, sharing responsibilities such as managing trust assets and making distribution decisions.
"A trustee is a person who represents an entity and is therefore not allowed to do certain things such as gaining income."
"A trustee can be appointed to administer the property of a deceased person held in a trust or in the custody of a Bankruptcy Court."
"The more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public."
"A trustee is not allowed to do certain things such as gaining income."
"A trust can be set up either to benefit particular persons or for any charitable purposes... typical examples are a will trust for the testator's children and family, a pension trust, and a charitable trust."
"The trustee may be a person or company, whether or not they are a prospective beneficiary."
"In the case of a Trustee of a bankruptcy court, the Trustee is called the judge and the prospective beneficiaries are called the creditors."
"A trust can be set up... for charitable purposes (but not generally for non-charitable purposes)."
"Trustee (or the holding of a trusteeship) is the individual appointed by a court of law..."
"A trustee is the holder of property on behalf of a beneficiary."
"A typical example [of a trust] is a will trust for the testator's children and family."
"A pension trust (to confer benefits on employees and their families)"
"The trustee may be a person or company, whether or not they are a prospective beneficiary."
"The more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity."
"A trust... for the benefit of the general public."
"A person in the local government."
"The prospective beneficiaries are called the creditors."
"The trustee may be a person or company, whether or not they are a prospective beneficiary."
"See bankruptcy discharge."