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TRUSTEE APPOINTMENT NOT APPLICABLE in Great West Life Form
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People also ask
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Who is trustee and beneficiary?
The difference between a beneficiary and a Trustee is simple. A beneficiary benefits from the Trust, and a Trustee is in charge of it. Trusts are created to benefit someone or something else (often a child or other family member). -
What does exercise of power of appointment mean?
Power of appointment traces its origins back to British common law. It is the legal authority to make another person the outright owner of the property left by a decedent. -
Who can appoint a trustee?
Usually, the court appoints the trustee named in the will. This is similar to the court appointing the executor named in the will. Since the appointment comes from the court, the trustee is responsible to the court and must account to it at various times. -
What is an example of a power of appointment?
Special power of appointment For example, a testator might grant his brother the special power to distribute property among the testator's three children. The brother would then have the authority to choose which of the testator's children gets which property. -
What does it mean to exercise a power of appointment?
A power of appointment is a power of disposition given to a person (the "powerholder") over property not his own, by someone (the "creator") who directs the mode in which the power shall be exercised by a particular instrument. -
What is the difference between power of attorney and power of appointment?
The difference has to do with the particular moment that the power can be exercised by the power holder. For example, if a power of appointment gives the power holder a power to distribute property among grandchildren only while the power holder is alive, this would be a lifetime power of appointment. -
What is the legal definition of general power of appointment?
A general power of appointment gives the holder, also known as the donee, the broad power to give away the decedent's property to whoever the holder determines. For example, if a holder of a power of appointment can give the property to anyone in the world, that is a general power of appointment.
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