A trust is a fiduciary relationship in which the trustee holds a property interest subject to an equitable obligation to manage or use that property for the benefit of a beneficiary. Unlike other common fiduciary relationships, a trust is not generally under continuing judicial oversight. The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by a party or as provided by law. A trust may be in effect for years before an issue arises that necessitates judicial action. When a court proceeding is filed related to the trust, the court may have little familiarity with the trustee, the trust, or the trust administration. Once the court resolves the matter or dispute brought before it, the trustee typically resumes administering the trust without further court oversight.
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Tag: qualification