The following is my answer to a Quora question: “How
do trusts funds work after the person in charge of it passes away?”
The person who manages a trust is known as a trustee. A trust fund should have more than one
trustee. The trust is a legal
entity. If it is an irrevocable trust,
it is a distinct legal entity. As such,
it would be part of the trust document to have a provision for the replacement
of a trustee. Alternatively, depending on the legal jurisdiction,
and the nature of the trust, there will be an organ of state that has
jurisdiction over trusts, and may appoint a trustee, if required. For example, in Singapore, business trusts
must be registered with MAS.
No comments:
Post a Comment
Thank you for taking the time to share our thoughts. Once approved, your comments will be poster.