Ad
related to: discretionary trust laws- Benefits Of Living Trusts
Learn the top 5 benefits of this
popular estate planning tool.
- What Is A Living Trust?
Learn the pros and cons of living
trusts and how to put them to work.
- DIY Living Trusts
An easy way to plan for the future
that doesn't require an attorney.
- Wills Vs. Living Trusts
Find out whether a will or a living
trust is the best path for you.
- Benefits Of Living Trusts
Search results
Results from the WOW.Com Content Network
In the trust law of England, Australia, Canada, and other common law jurisdictions, a discretionary trust is a trust where the beneficiaries and their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
Discretionary trusts and powers in English law are elements of the English law of trusts, specifically of express trusts.Express trusts are trusts expressly declared by the settlor; normally this is intended, although there are situations where the settlor's intentions create a trust accidentally.
The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee. Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust.
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice A. Hartnett III of the ...
By contrast in one highly political case, a High Court judge found that the West Yorkshire County Council's plan to make a discretionary trust to distribute £400,000 "for the benefit of any or all of the inhabitants" of West Yorkshire, with the aim to inform people about the effects of the council's impending abolition by Margaret Thatcher's ...
Discretionary trusts are trusts which require that the trustees exercise their powers, in the same way as a fixed trust, but allow some discretion in how to do so, in a similar manner to mere powers. Since trustees hold the discretionary power to choose how to act under an established boundary set out by the settlor of a trust, evidential ...
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Ad
related to: discretionary trust laws