783:
disclosure of trust documents is an aspect of the court's inherent jurisdiction to supervise the administration of trusts. As trustees as not under a duty to disclose their reasoning in applying a trust power (unless the trust instrument requires otherwise), there is no duty to disclose any documents dealing with the decision making promise. Protection of confidentiality has been described as 'one of the most important limitations on the right to disclose of trust documents'. 'Memoranda or letter of wishes' do not necessarily need to be disclosed to a beneficiary if they are of a number of potential beneficiaries.
33:
132:
741:
994:, an officer of the Department of Justice that is charged with ensuring the integrity of the bankruptcy system and with representatives in each court, to manage the property of the bankruptcy estate, including bringing actions to avoid pre-bankruptcy transfers of property. In bankruptcies filed under
802:
The modern interpretation of fiduciary duty requires the consideration of environmental, social, and governance (ESG) factors as these are long-term investment value drivers. When evaluating whether or not an institutional investor has delivered on its fiduciary duties, both the outcomes achieved and
756:
Carry out the expressed terms of the trust instrument. Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. However, a trustee may act otherwise than in accordance with
696:
and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income. Although in the strictest sense of the term a trustee is the holder of
913:
One is the traditional way in which a corporation is a corporate trustee of a given charity. The second is the new way, in which the charity itself is incorporated as a CIO. The advantages and disadvantages of the different methods is a complicated matter. According to King and
Philips, many of the
822:
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.-Trustees can be paid for their time
782:
Account for actions and keep beneficiaries informed: these include a duty to inform beneficiaries as to their entitlements under the trust and other matters concerning the trust. Trustees do not have priority right to trust documents; it is a personal right and cannot be assigned The right to seek
806:
The terms of the instrument that creates the trust may narrow or expand these duties—but in most instances, they cannot be eliminated completely. Corporate trustees, typically trust departments at large banks, often have very narrow duties, limited to those the trust indenture explicitly
1009:
Chapter 7 trustees in bankruptcy are chosen by the United States
Trustee from a panel, and are known as panel trustees. Every judicial district has a permanent Chapter 13 trustee, known as a "standing trustee". As cases under Chapter 12 (for family farmers or fishermen) are filed fairly
905:
The law on this in
England changed considerably with the Charities Act of 2006. An account of the main changes can be found in "Charities Act 2006: A guide to the new law" by Michael King and Ann Phillips. One of the key changes made was that it introduced the
823:
and trouble in performing their duties only if the trust specifically provides for payment. It is common for lawyers to draft will trusts so as to permit such payment, and to take office accordingly: this may be an unnecessary expense for small estates.
934:
and a set number of trustees and usually manages village property, finances, safety, health, comfort, and general welfare and leadership of the town (acting as a board of police or fire commissioners or a moderate income housing board, for example).
810:
A trustee carries the fiduciary responsibility and liability to use the trust assets according to the provisions of the trust instrument (and often regardless of their own or the beneficiaries' wishes). The trustee may find himself liable to
761:
and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the
834:
who are also trustees of these organisations they work for do have the right to a salary (and hence profit from their being a trustee). This is an exception explicitly granted in the 1993 act
1036:
902:, in this case the trustees are also directors of the company and their liability is limited. This is the preferred model if the charity owns property or employs people.
47:
668:
1319:
846:
applies to someone held to a fiduciary duty similar in some respects to that of a trustee proper. For example, the directors of a bank may be trustees for the
966:
In the United States, when a consumer or business files for bankruptcy all property belonging to the filer becomes property of a newly created entity, the "
878:
is a volunteer who undertakes fiduciary responsibilities on behalf of the charity, subject to the provisions of
Charity Law, a branch of trust law, and the
779:
Be impartial among beneficiaries: the trustee must act impartially between individual beneficiaries as well as between different classes of beneficiaries.
858:
and a guardian is trustee of his ward's property. Many corporations call their governing board a board of trustees, though in those cases they act as a
819:, for taxes, or under the terms of a lease) in excess of the trust property they hold, then they may find themselves personally liable for the excess.
995:
979:
975:
887:
971:
1339:
907:
661:
491:
1144:
1060:
983:
362:
1106:
81:
1277:
1123:
295:
728:
trust (to confer benefits on employees and their families) and a charitable trust. In all cases, the trustee may be a person or
1071:
654:
281:
705:
of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
1413:
1120:"The New Palgrave Dictionary of Economics and the Law, Definition of "fiduciary duties" by Tamar Frankel Vol.2, p.127-128"
910:
which is basically a limited liability charity. There are thus now two main aspects of corporate management of charities.
585:
507:
369:
164:
123:
105:
947:. Small villages have a trustee instead of a mayor, who is elected to manage village business in a similar function.
63:
1428:
1388:
215:
1423:
1222:
557:
288:
1180:
1153:
955:
455:
98:
1317:
1296:
914:
advantages of incorporating as a CIO are obtained if the trustees are not individuals but a corporate entity.
1010:
infrequently, the United States
Trustee usually makes trustee appointments in such cases on an ad hoc basis.
891:
1398:
1184:
1157:
564:
484:
443:
157:
43:
1418:
1218:
991:
987:
230:
1170:
1003:
533:
498:
411:
269:
698:
477:
450:
355:
894:
of
Northern Ireland often has concurrent jurisdiction with the courts. Many UK charities are also
1363:
883:
879:
859:
827:
717:
702:
540:
431:
337:
201:
148:
114:
1335:
1214:
1197:
831:
815:, prospective beneficiaries, or third parties. If a trustee incurs a liability (for example, in
1433:
1102:
693:
404:
307:
256:
1041:
1031:
927:
871:
713:
399:
376:
208:
183:
1176:
1149:
1323:
1300:
1281:
899:
895:
769:
595:
569:
386:
330:
244:
237:
1384:
1275:
1019:
951:
642:
470:
438:
302:
176:
1119:
131:
1407:
1024:
552:
381:
325:
171:
1380:
967:
944:
940:
637:
630:
600:
223:
59:
970:". (See 11 U.S.C. § 541.) For all bankruptcies (consumer or business) filed under
855:
851:
590:
545:
316:
118:
1359:
740:
1047:
816:
701:, the more expansive sense encompasses persons who serve, for example, on the
689:
610:
350:
140:
1362:
as in force today (including any amendments) within the United
Kingdom, from
1076:
847:
749:
709:
516:
276:
188:
17:
812:
721:
620:
521:
716:(but not generally for non-charitable purposes): typical examples are a
729:
725:
526:
999:
1293:
931:
739:
249:
625:
1002:
continues to manage the property of the bankruptcy estate, as "
792:
Not profit; however, may charge fees for services to the Trust
712:
can be set up either to benefit particular persons or for any
97:
For other uses of "trustee", "trusty", and related terms, see
26:
954:
may be administered by a trustee or a group of trustees; see
930:
as outlined by local or state law. It can be composed of the
692:
which, in its broadest sense, is a synonym for anyone in a
55:
1094:
1092:
922:
Depending on the state, a trustee is a member of the
732:, whether or not they are a prospective beneficiary.
1336:"CC3 – The Essential Trustee: What you need to know"
1006:", subject to replacement for cause with a trustee.
798:
Administer in the best interest of the beneficiaries
1037:
757:the terms of the trust if all beneficiaries, being
94:
Person holding a position of trust to a beneficiary
104:"Trusteeship" redirects here. For other uses, see
803:the process followed are of critical importance.
1145:Youyang Pty Ltd v Minter Ellison Morris Fletcher
748:Trustees have certain duties (some of which are
1292:PRI, UNEP FI, & The Generation Foundation.
826:In an exception to the duties outlined above,
662:
40:The examples and perspective in this article
8:
669:
655:
110:
1338:. Charity-commission.gov.uk. 2008-04-01.
795:Not be in a conflict of interest position
82:Learn how and when to remove this message
939:is comparable to but distinguished from
888:Office of the Scottish Charity Regulator
1088:
1023:specifically covers matters to do with
986:(the Bankruptcy Code), a trustee (the "
608:
577:
506:
315:
147:
113:
1099:Black's Law Dictionary, Fifth Edition
918:Local government in the United States
7:
908:Charitable Incorporated Organisation
1294:Fiduciary Duty in the 21st Century
1061:United Nations Trusteeship Council
984:Title 11 of the United States Code
768:Prudently invest trust assets (in
25:
296:Acts of independent significance
130:
31:
1393:Fundamentals of Estate Planning
1342:from the original on 2012-02-28
1173:("Medical Records Access case")
1126:from the original on 2011-09-03
1072:Trustee model of representation
926:, which is a village's elected
866:Charities in the United Kingdom
842:The broadest sense of the term
586:Advance directive (Living will)
485:Hague Convention (conflict law)
1360:Text of the Charities Act 1993
990:" or TIB) is appointed by the
752:). These include the duty to:
1:
1395:. The American College Press.
882:. For charity trustees, the
363:Accumulation and maintenance
165:Joint wills and mutual wills
106:Trusteeship (disambiguation)
1183:71 (6 September 1996),
1020:Trustee Delegation Act 1999
896:limited liability companies
58:, discuss the issue on the
1450:
1215:[1948] VicLawRp 70
1201:(NSW) ss14, 14A & 14C.
1058:
772:, this is mandated by the
736:General duties of trustees
724:'s children and family, a
216:Incorporation by reference
103:
96:
44:the English-speaking world
1252:Schmidt v Rosewood Trust
1243:Global Custodians v Mesh
937:Village board of trustees
924:village board of trustees
1399:Trustee Act 2000 Summary
1221:401 (2 April 1948),
1156:484 (3 April 2003),
956:Indiana Township Trustee
697:property on behalf of a
492:Application in civil law
289:Satisfaction of legacies
99:Trustee (disambiguation)
892:Voluntary Activity Unit
46:and do not represent a
886:of England and Wales,
745:
565:Disclaimer of interest
370:Interest in possession
158:Legal history of wills
1177:[1996] HCA 57
1150:[2003] HCA 15
1059:Further information:
992:United States Trustee
988:trustee in bankruptcy
854:are trustees for the
743:
684:(or the holding of a
508:Estate administration
426:Reversionary interest
231:Testamentary capacity
1414:Corporate governance
1004:debtor in possession
534:Power of appointment
499:Dishonest assistance
270:Lapse and anti-lapse
264:Property disposition
64:create a new article
56:improve this article
42:deal primarily with
1270:Case law authority
828:sabbatical officers
714:charitable purposes
465:Governing doctrines
1364:legislation.gov.uk
1322:2021-04-18 at the
1299:2018-02-20 at the
1280:2015-05-12 at the
1048:Charities Act 1993
962:Bankruptcy trustee
950:In some states, a
884:Charity Commission
880:Charities Act 1993
870:In the case of UK
860:board of directors
746:
541:Simultaneous death
456:Supplemental needs
202:Attestation clause
1429:Legal professions
1101:(1979), p. 1357,
968:bankruptcy estate
850:, directors of a
703:board of trustees
694:position of trust
679:
678:
308:Pretermitted heir
257:No-contest clause
92:
91:
84:
66:, as appropriate.
16:(Redirected from
1441:
1424:Wills and trusts
1367:
1357:
1351:
1350:
1348:
1347:
1332:
1326:
1310:
1304:
1290:
1284:
1268:
1262:
1259:
1253:
1250:
1244:
1241:
1235:
1234:Hawkesley v May
1232:
1226:
1208:
1202:
1198:Trustee Act 1925
1194:
1188:
1171:Breen v Williams
1167:
1161:
1141:
1135:
1134:
1132:
1131:
1116:
1110:
1096:
1042:Trustee Act 2000
1032:Trustee Act 1925
958:for an example.
928:legislative body
898:registered with
890:of Scotland and
832:students' unions
774:Trustee Act 1925
765:Defend the trust
744:Chart of a trust
671:
664:
657:
478:Cy-près doctrine
444:Asset-protection
209:Residuary clause
184:Holographic will
134:
111:
87:
80:
76:
73:
67:
35:
34:
27:
21:
1449:
1448:
1444:
1443:
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1440:
1439:
1438:
1404:
1403:
1376:
1374:Further sources
1371:
1370:
1358:
1354:
1345:
1343:
1334:
1333:
1329:
1324:Wayback Machine
1314:Speight v Gaunt
1311:
1307:
1301:Wayback Machine
1291:
1287:
1282:Wayback Machine
1272:Keech v Sanford
1269:
1265:
1261:Tierney v King
1260:
1256:
1251:
1247:
1242:
1238:
1233:
1229:
1211:Tanti v Carlson
1209:
1205:
1195:
1191:
1168:
1164:
1142:
1138:
1129:
1127:
1122:. Harvard Edu.
1118:
1117:
1113:
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1090:
1085:
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1057:
1016:
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900:Companies House
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840:
770:New South Wales
738:
675:
596:Forced heirship
570:Inheritance tax
462:
391:
342:
261:
245:Insane delusion
238:Undue influence
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121:
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102:
95:
88:
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53:
36:
32:
23:
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15:
12:
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5:
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1436:
1431:
1426:
1421:
1416:
1406:
1405:
1402:
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1396:
1391:, ChFC (2004)
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1263:
1254:
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1111:
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1080:
1079:
1074:
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1064:
1056:
1055:United Nations
1053:
1052:
1051:
1044:
1039:
1034:
1029:
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1014:UK legislation
1012:
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960:
952:civil township
919:
916:
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72:September 2024
50:of the subject
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1379:Fontaine, C.
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1223:Supreme Court
1220:
1216:
1212:
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1200:
1199:
1193:
1190:
1186:
1182:
1179:, (1996) 186
1178:
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1155:
1152:, (2003) 212
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553:Laughing heir
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421:Life interest
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29:
28:
19:
1419:Equity (law)
1392:
1355:
1344:. Retrieved
1330:
1313:
1308:
1288:
1274:EWHC Ch J76
1271:
1266:
1257:
1248:
1239:
1230:
1210:
1206:
1196:
1192:
1187:(Australia).
1169:
1165:
1160:(Australia).
1143:
1139:
1128:. Retrieved
1114:
1098:
1046:
1022:
1008:
965:
949:
945:town council
941:city council
936:
923:
921:
912:
904:
875:
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856:stockholders
843:
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789:Not delegate
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747:
707:
685:
681:
680:
638:Criminal law
601:Totten trust
464:
463:
432:Testamentary
393:
392:
345:Common types
344:
343:
338:Constructive
263:
262:
222:
221:
195:
194:
139:Part of the
78:
69:
41:
1316:EWCA Civ 1
852:corporation
699:beneficiary
686:trusteeship
591:Blind trust
558:Advancement
546:Slayer rule
405:Spendthrift
394:Other types
18:Trusteeship
1408:Categories
1346:2012-03-05
1185:High Court
1158:High Court
1130:2011-09-08
1083:References
996:Chapter 11
848:depositors
838:Other uses
817:litigation
718:will trust
690:legal term
611:common law
400:Protective
377:Charitable
141:common law
1077:Fiduciary
972:Chapter 7
872:charities
813:claimants
807:defines.
762:question.
759:sui juris
750:fiduciary
517:Intestacy
416:Remainder
387:Incentive
331:Resulting
282:Abatement
277:Ademption
189:Oral will
60:talk page
1434:Trustees
1340:Archived
1320:Archived
1297:Archived
1278:Archived
1124:Archived
1066:See also
786:Be loyal
722:testator
720:for the
643:Evidence
631:Property
621:Contract
522:Testator
439:Honorary
196:Sections
54:You may
876:trustee
844:trustee
776:(NSW)).
730:company
726:pension
688:) is a
682:Trustee
527:Probate
382:Purpose
326:Express
224:Contest
177:Codicil
124:estates
1303:. 2018
1225:(Vic).
1105:
1000:debtor
998:, the
609:Other
317:Trusts
143:series
119:trusts
1312:see:
1213:
1175:
1148:
932:mayor
710:trust
613:areas
250:Fraud
149:Wills
115:Wills
62:, or
1103:ISBN
1025:land
874:, a
626:Tort
351:Bare
122:and
1389:CLU
1385:LLM
1219:VLR
1217:,
1181:CLR
1154:CLR
982:of
978:or
943:or
830:of
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1383:,
1381:JD
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1091:^
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