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What if a trustee managing a trust and family corporation does not give dispensations to a mamber of the trustpartnership who is in a nursing homeAre they in breach of their fiduciary responsibilities?
Wiki User
∙ 15y ago
The trustee of a trust is obligated to carry out the terms as they are set forth in the trust instrument. The trustee may exercise only the powers set forth and must distribute the income from the trust only as directed in the trust instrument. If the trustee acts in conflict with any provisions set forth in the trust they have breached their fiduciary responsibilities. If the trust is supervised by an attorney or on file at an attorney's office then make a complaint there first. You should ask to have a copy of the trust instrument if you are an interested party. The trust instrument may contain provisions for removal of a trustee. If none are provided you could petition the appropriate court to have the trustee removed and a successor trustee appointed. In Massachusetts that petition could be filed in probate court.
Wiki User
∙ 15y ago
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How do you use fiduciary in a sentence?
Congress has not done a very good job of exercising its fiduciary responsibilities to taxpayers.
Corporate Fiduciary Duties?
Corporate fiduciary duties demand that the "fiduciary," (who is given legal control over funds), establishes a "standard of care" that rejects normal self interest for the benefit of the corporation's finances. The fiduciary must not take advantage of or betray the confidence of the entrusting parties.
What is the key function of audit committees?
They ensure that boards of directors fulfill their financial and fiduciary responsibilities to shareholders.
What is the difference between a stock holder and board member?
A Stockholder is a party (a person or group) who pays money to a corporation in return for part ownership of the corporation. A Stockholder can vote for Board Members, and can attend the corporation's annual meeting to propose and vote on governance measures. A Board Member is one of several officials elected by a corporation's Stockholders according to the terms of the corporation's bylaws. A corporation's Board meets on a regular basis to establish business policies and to oversee the management hired to operate the corporation on a day-to-day basis. A Board Member has a fiduciary duty to see that the corporation is run in the best interests of its owners, the Stockholders; in this fiduciary role, a Board Member is expected to display undivided loyalty to the Stockholders. Failure to uphold fiduciary standards is one of the most serious breaches of business law.
How do you obtain funds that are deposited in a fiduciary account?
The fiduciary is the person with the authority to make deposits to and withdrawals from a fiduciary account. If the original fiduciary cannot act a new fiduciary must be appointed.
What part of speech is fiduciary?
It is an adjective or a noun. A fiduciary (noun) is a person who acts in a fiduciary (adjective) capacity.
What is the difference between the trustee and the fiduciary of a trust?
fiduciary and trustee
What is a fiduciary receipt?
Typically, a fiduciary prudently takes care of money for another person. So a "fiduciary receipt" is a document that a person acting in capacity of a fiduciary for another person would get in order to allow an audit of the discharge of their duties - part of a fiduciary account.
When was Fidelity Fiduciary Bank created?
Fidelity Fiduciary Bank was created in 1964.
What is a fiduciary service?
A fiduciary service is a trust impose in a person to act on someone's behalf
The meaning and spelling of fiduciary?
FIDUCIARY : pertaining to the control or management of property for another, as in guardians and trustees.
What is fiduciary issue?
Fiduciary issue is a part of the issue of notes in the past bank that is not supported by gold. Fiduciary refers to an ethical relationship of trust between two or more parties.
