Please forward this error screen to 74. Our expanded website and enhanced e-newsletter, which will be sent bi-monthly, will provide important updates on the significant issues and trends that affect your work. Plus we’ll be serving up additional primers on the forces transforming the health care field and the impact they could have on your organization and communities. Our multi-media offerings include not only briefs but presentations, video content and on-demand webinars that can be used trustee home ownership boardroom education and discussion.
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A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor’s lifetime by a trust instrument. Trusts and similar relationships have existed since Roman times. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.
They must provide a regular accounting of trust income and expenditures. Trustees may be compensated and be reimbursed their expenses. A trustee can be a natural person, a business entity or a public body. A trust in the United States may be subject to federal and state taxation. A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. Trusts have existed since Roman times and have become one of the most important innovations in property law.