Continuation of Duties and Powers of a Trustee (Part 1) 5) Duty to provide accounts and information As a general rule, a trustee is required to maintain accurate accounts which ought to be made available on demand for the inspection…
Category: EQUITY & TRUST LAWS
[Member] Duties and Powers of a Trustee (Part 1)
As a general rule, a trustee has discretion as to whether they will exercise their powers. Should they decide (in good faith) not to exercise said powers after proper consideration, the beneficiaries will not be allowed to sue. Duties and…
Why Is It Important To Make A Will ?
Why Is It Important To Make a Will? A will is one of the best gifts you can leave for your loved ones in the event of your death. By making a will, you ensure that your estate is distributed…
What is Testamentary Trust?
Testamentary Trust Defined: Testamentary trust a discretionary trust established under a Will. It does not come into effect until after the person (ie: the testator) die. Usually a person makes a Testamentary Trust when the beneficiary is still a…
General Differences between Will and Trust
Will Trust A will is a declaration containing a person’s (testator’s) intentions regarding the distribution of his assets after his death. A trust is a legal arrangement in which the settlor authorises a person (known as…
What is a Stakeholder?
A stakeholder is a ‘middle-man’ who has no interest, right or title but has a duty to hold and deliver to the owner (or owners) the money or assets where two or more claimants are in dispute.