![]() ![]() §59-04.2-01(3).Ī fiduciary responsibility arises any time an individual is obligated to care for someone else's property for example, as a state employee, I have a fiduciary responsibility to use the state's property for state purpose, and not for my private benefit. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function." See N.D.C.C. Under the amortization schedule, Kryzsko will continue to receive payments of $500 a month until July 2003, when the trust principal is exhausted."Ī trustee has a fiduciary responsibility to the beneficiaries that is, the trustee must manage the property in the best interests of the beneficiaries.įiduciary responsibilities arise in situations other than a trust for example, "'iduciary' means a personal representative or a trustee. In January 1997 the trust principal of $32,539.10 was invested in a Certificate of Deposit from which Kryzsko receives a monthly payment of $500. It was originally funded with $32,000 on January 1, 1996, from which Kryzsko was being paid $450 a month. Kryzsko's sister, Sally Stocker, was appointed to administer the trust. She is the beneficiary of a trust established through a will by her deceased father, Alfred J. "Kryzsko is a 52-year-old mentally disabled woman. In that case, the property owner could establish a trust for the benefit of the other person, but relieve that person of management responsibilities by specifying a trustee to oversee the property. In such a situation, the property owners may establish a trust (that is, be the settlor of the trust) by entering into an agreement that the trustee will manage the property for the benefit of the property owners (that is, the settlors name themselves as the beneficiaries).Ī third example may be a property owner who wants to transfer assets to another person for that person's benefit, but realizes that the other person may not be able to manage the property. McGuire.Īnother example may be individuals who do not want the responsibility of managing their property. McGuire in trust, for the benefit of Eric L. ![]() and 660 shares of Guirell Corporation common stock to Joseph R. The will directed that the property be distributed as follows. The Trust was created to provide for the care and support of Anna, George's wife, during her lifetime and on her death was to be distributed to their children, Martha, Cecelia, James, Lester, Gemal, and Mason, in varying amounts." Matter of Massad Trust "One of the provisions in George's will created the George Massad Trust, the assets of which comprised most of his Estate. Trusts are used for a variety of purposes a simple example is transferring property to several heirs in a sequence of steps. In general, a trust must be for the benefit of the beneficiaries, see N.D.C.C.
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