A cestui que trust refers to an individual who is entitled to receive the advantages of a trust, including the income generated from assets. This term, which is outdated, signifies “the person for whose benefit the trust was established.” The plural form is cestuis que trust, although it is occasionally erroneously written as cestuis que trustent.
A fidei-commissarius, also known as a cestui que trust, is a person who has equitable rights in property and typically receives the income and profits from it. This individual is the beneficiary of the trust and entitled to benefit from the trust property. In essence, they are someone who benefits from a trust or has a right to receive income or profits from a property.
A Fidei-Commissarius is a legal term referring to a person who is entrusted with the responsibility of managing and distributing property or assets according to the wishes of the testator or settlor.
While an executor or trustee manages and distributes assets based on the terms of a will or trust, a Fidei-Commissarius operates under a specific legal arrangement known as a fideicommissum, which imposes certain restrictions and obligations on the management and distribution of the assets.
A fideicommissum is a legal arrangement where the testator or settlor designates a Fidei-Commissarius to manage and distribute assets to a specific beneficiary or group of beneficiaries, usually with certain conditions or restrictions.
Not everyone can be appointed as a Fidei-Commissarius. Generally, the person appointed should be trustworthy, competent, and capable of fulfilling the responsibilities associated with managing and distributing assets according to the fideicommissum.
Yes, a Fidei-Commissarius can be removed or replaced under certain circumstances. This may occur if the Fidei-Commissarius fails to fulfill their duties, breaches their fiduciary obligations, or becomes incapacitated. The specific process for removal or replacement may vary depending on the jurisdiction and the terms of the fideicommissum.
The duties and responsibilities of a Fidei-Commissarius include managing and preserving the assets, distributing them to the designated beneficiaries, ensuring compliance with the terms of the fideicommissum, and acting in the best interests of the beneficiaries.
Yes, a Fidei-Commissarius can be held liable for any wrongdoing or breach of their fiduciary duties. If they fail to act in the best interests of the beneficiaries, mismanage the assets, or engage in fraudulent activities, they may be subject to legal action and held personally liable for any resulting damages.
In some cases, a Fidei-Commissarius may be entitled to receive reasonable compensation for their services. However, the specific rules regarding compensation may vary depending on the jurisdiction and the terms of the fideicommissum.
Yes, a Fidei-Commissarius can resign from their position if they wish to do so. However, they should follow the proper legal procedures and ensure a smooth transition of their responsibilities to a successor or replacement.
In certain circumstances, the terms of a fideicommissum may be modified or revoked. This usually requires the consent of all parties involved, including the testator or settlor, the Fidei-Commissarius, and the beneficiaries. However, the specific requirements and procedures for modification or revocation may vary depending on the applicable laws and the terms of the fideicommissum.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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