Puerto Rico Sample Letter for Trustee's Acknowledgment
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FAQ
Address it to ?The Trustee of??. No need for the person's name. If you know the person's name you can start your letter with his or her name, being as formal as you think it's appropriate, or the old favourite, ?dear Sir or Madam".
A trustee has a fiduciary duty to act in the best interests of both current and future beneficiaries of the trust and can be held personally liable for any breach of that duty. The duties and responsibilities normally fall into the following categories: Administer the trust ing to the terms of the trust document.
Here are some things to consider when drafting a letter to your executor or trustee. Your thoughts about wealth. ... Describe key players in the family. ... What matters to you? ... Give your trustee the power to make decisions, even when that means saying no.
?Letters of Trusteeship? is a court document giving the nominated trustee of a trust created under a Last Will and Testament (?Will?) the power to act. Such a trust is called a testamentary trust because it is created in a Will.
'Express trusts have been a part of the law of Puerto Rico since enactment of §§ 1-41 of the Act of April 23, 1928, No. 41, page 294.
The letter outlines your intentions for the trust purposes, guidance on distributions to the beneficiaries, and the tax characteristics of the trust. Specific wishes for distributions are outlined at the end of the letter for your trustees' consideration.
