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Simple English definitions for legal terms

fiduciary duties of trustees

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A quick definition of fiduciary duties of trustees:

Fiduciary duties of trustees: When someone is in charge of managing a trust, they have certain responsibilities to the person who will benefit from the trust. These responsibilities are called fiduciary duties. The trustee must be careful, honest, and fair when managing the trust. They cannot use the trust for their own benefit. If there are multiple people who will benefit from the trust, the trustee must treat everyone fairly and make decisions that are good for everyone, not just one person.

A more thorough explanation:

Definition: The fiduciary duties of trustees refer to the responsibilities that trustees have when managing a trust. A trustee is someone who is appointed to manage a trust on behalf of the beneficiaries. The trustee has a legal obligation to act in the best interests of the beneficiaries and to manage the trust with care, loyalty, and good faith.

For example, if a parent sets up a trust for their child's education, the trustee must manage the trust in a way that benefits the child's education. The trustee cannot use the trust funds for their own personal gain or benefit.

Another example is when a trust has multiple beneficiaries. The trustee has a duty of impartiality and must act in the best interests of all beneficiaries, not just one. For instance, if a trust has two siblings as beneficiaries, the trustee must manage the trust in a way that benefits both siblings equally.

These examples illustrate how the fiduciary duties of trustees require them to act in the best interests of the beneficiaries and to manage the trust with care, loyalty, and good faith.

fiduciary | fiduciary duty

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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