Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

independent trustee

Read a random definition: land manager

A quick definition of independent trustee:

An independent trustee is someone who is in charge of taking care of a trust, but they cannot benefit from the trust or be related to anyone who does. They have to follow the rules of the trust and make sure they do what is best for the people who will benefit from it. They have to be fair to everyone and not do anything that would be bad for the trust. If they make a mistake, they can be in trouble.

A more thorough explanation:

An independent trustee is a person or organization that has no personal interest in the trust. This means that they cannot be a beneficiary of the trust, a contributor to the trust, or related to the beneficiary or contributor in any way. The independent trustee must follow the instructions of the trust and be responsible for their actions in administering the trust.

For example, if a wealthy individual sets up a trust for their children's education, they may appoint an independent trustee to manage the trust. The independent trustee would be responsible for investing the trust funds, paying for the children's education expenses, and ensuring that the trust is used for its intended purpose.

The independent trustee, like all trustees, has a duty of care and loyalty to the beneficiaries of the trust. This means that they must act in the best interests of the beneficiaries and follow the terms of the trust. They must also protect and control the trust property with reasonable care and avoid any conflicts of interest.

If the independent trustee fails to fulfill their duties, they may be held liable for any damages or losses suffered by the beneficiaries. Therefore, it is important to choose an independent trustee who is trustworthy, competent, and experienced in managing trusts.

independent contractor | indeterminate sentence

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.