Maryland Code, ESTATES AND TRUSTS 14.5-903
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, ESTATES AND TRUSTS 14.5-903
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
Absent a breach of trust or the applicable standard of care, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.