A fidei-commissary, also referred to as a cestui que trust, is an individual entitled to receive the profits and advantages from a property. They are the recipient of a trust, indicating that the property is held for their benefit. The term cestui que trust is an antiquated expression meaning “he whose benefit the trust was established for.”
The term fidei-commissary, also known as cestui que trust, refers to a beneficiary who holds equitable rights in a property and typically receives its rents, issues, and profits. For instance, if John establishes a trust for his daughter Jane’s benefit, Jane becomes the fidei-commissary or cestui que trust of the trust. This implies that Jane is the beneficiary who holds equitable rights in the property and receives its rents, issues, and profits.
A fidei-commissary is a legal term referring to a person who receives property or assets through a fidei-commissum, which is a type of testamentary disposition or trust.
Unlike a regular beneficiary, a fidei-commissary has limited rights to the property or assets received. They are obligated to pass on the property to a specified person or group of persons upon their death.
No, not anyone can be named as a fidei-commissary. The person must meet certain legal requirements and conditions set forth by the testator or grantor of the fidei-commissum.
If a fidei-commissary fails to fulfill their obligations, the property or assets may be transferred to an alternative beneficiary or revert back to the original grantor’s estate, depending on the specific terms of the fidei-commissum.
In most cases, a fidei-commissary is not allowed to sell or dispose of the property they receive. Their primary duty is to preserve and pass on the property to the designated beneficiaries.
In certain circumstances, a fidei-commissary can be removed or replaced. This usually requires a legal process and must be based on valid grounds, such as misconduct or incapacity.
Tax implications for a fidei-commissary may vary depending on the jurisdiction and specific circumstances. It is advisable to consult with a tax professional or legal expert to understand the tax implications in a particular situation.
In some cases, a fidei-commissary may have the right to challenge the terms of the fidei-commissum if they believe it is invalid or unfair. However, this would generally require legal action and must be based on valid legal grounds.
In certain situations, a fidei-commissary may have the option to refuse the property or assets they are designated to receive. However, this decision may have legal consequences and should be carefully considered.
Creating a fidei-commissum in your estate planning requires careful consideration and legal expertise. It is recommended to consult with an experienced estate planning attorney who can guide you through the process and ensure compliance with applicable laws and regulations.
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: 16th April 2024.
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