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The responsibilities and obligations of a Trustee are fiduciary in nature, much in the same way as those of a company director. Trustees ought to conduct themselves in a manner that serves the best interests of the trust and the beneficiaries. Where the conduct of a trustee negates this notion therefore, he/she may be removed from such position.
Although the administration of a deceased estate involves the distribution of benefits to legatees and beneficiaries, the law also requires that applicable taxes and deductions be made before any distribution can be made.
It is important that deductions and taxes are taken into consideration during estate planning and when a will is drawn as this is a complex process especially when the concerned has died.
Setting up a trust is aptly a trusted way to secure inheritance for the benefit of beneficiaries.
A trust can be described as either an inter vivos trust (living trust) which is set up during the life time of the trust founder, or a testamentary trust whose set up is provided for in a will, to be set up when the testator passes away.
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