What is the fiduciary relationship between a trustee and the beneficiaries?
The fiduciary relationship between a trustee and the beneficiaries is an important part of inheritance law in Alaska. In this relationship, the trustee is responsible for carrying out the wishes of the person setting up the trust, or the testator. The trustee is responsible for making sure that the assets of the trust are invested and managed properly and that the beneficiaries receive their proper share of the assets, as per the testator’s instructions. The trustee has a duty of loyalty to the beneficiaries of the trust. This means that the trustee must act in the best interests of the beneficiaries, not in the best interests of the trustee or anyone else. The trustee is also responsible for providing regular accountings of how the trust funds are invested and managed to the beneficiaries, as well as providing detailed information on any payments from the trust. The fiduciary relationship between the trustee and the beneficiaries is an important part of Alaska inheritance law, as it ensures that the testator’s wishes are carried out and that the beneficiaries receive their proper share of the trust assets. The trustee must always act in the best interests of the beneficiaries to ensure that the testator’s wishes are upheld.
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