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Simple English definitions for legal terms

corporate trustee

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A quick definition of corporate trustee:

A corporate trustee is a group of people who work at a bank or investment firm and are hired to manage a trust. They are experts in trust matters and can help create a trust that reflects the creator's wishes. Unlike personal trustees, corporate trustees are impartial and have a legal duty to follow the creator's intentions. They are paid a percentage of the trust's assets, which encourages them to increase the trust's income. While family members or friends can also be trustees, they may have personal feelings or interests that could affect their decisions.

A more thorough explanation:

A corporate trustee is a department within a bank or investment firm that is hired to create and manage a trust. They are hired for their professional experience in trust matters, which family members or friends may not have. Corporate trustees can help build a trust that better reflects the creator's intentions, and they are mostly impartial actors bound by fiduciary duties to follow the creator's intentions.

Corporate trustees are usually paid between 0.5% - 2% annually of the trust's assets. While this may seem costly, paying trustees by percentage encourages them to increase the income of the trust and therefore their pay. Family members or friends may have personal feelings or interests guiding their actions as trustees, though they are often less expensive.

John wants to create a trust for his children's education. He hires a corporate trustee to manage the trust because they have the professional experience to ensure that the trust is managed properly and in accordance with his wishes. The corporate trustee is bound by fiduciary duties to follow John's intentions, ensuring that the trust is used for his children's education.

Another example is when a wealthy individual wants to create a trust to support a charitable cause. They may hire a corporate trustee to ensure that the trust is managed properly and that the funds are used for the intended purpose.

These examples illustrate how corporate trustees are hired for their professional experience and impartiality in managing trusts, ensuring that the creator's intentions are followed and the trust is used for its intended purpose.

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babybunny
17:05
hehehe
I like curse freaks too
trees1234567
17:06
chag!!! hope you’re happily enjoying your summer before you kill it at UT
babybunny
17:06
you’re real as fuck for that
babybunny
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i have been working like a dog you guys
The Smiths, Radiohead, TV girl etc
babybunny
17:07
i have a full time job and two internships
babybunny
17:07
I love the smiths. what? I said i love the smiths
omg yes!
I love that you know that reference
babybunny
17:08
i get compared to summer all the time tbh
babybunny
17:08
comes with the territory of being a girl with big eyes and art hoe tastes
I'm done trying to get into law school. Just going to go play dead in some grass somewhere. Good luck all.
KnowledgeableRitzyWasp
17:10
noo battle brother
KnowledgeableRitzyWasp
17:11
don’t surrender
Tom is me in that I am also a hopeless romantic
babybunny
17:17
me too it’s a very dangerous thing to be
babybunny
17:17
also i fear i may never learn that you’re not necessarily compatible with someone just because you like the same things
babybunny
17:18
got home and the ducky is still so cute i love life
@babybunny: yeah... I learned that after my last heartbreak which culminated in my lung randomly collapsing
Plant my feet and bitterly breathe up the time that's passing
anyone have advice on submitting an additional rec letter after WL even if the admissions officer said it's not necessary? rec letter is from someone affiliated with the school..
I would still do it
18:01
not someone claiming they got accepted from the SMU WL
One of my waitlist allowed me to submit a fifth letter of rec after submitting 4 in my initial applicstion
18:03
I just hope SMU gives me a chance once my test results post :’)
If it’s another prof, I would ask the law school if it’s okay if the new recommender submitted another letter directly to admissions team, if they say yes definitely go for it
18:05
I only have one LOCI for them left and I’m waiting to use it when my last results release, otherwise I would
manifestmoreadmissions
21:02
valley SMU would be so lucky to have you you would be such an asset
22:56
Awww thank you manifest :’)
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