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The distinction between traditional custodians and traditional owners is made by some, but not all, First Nations Australians. [49] [50] On one hand, Yuwibara man Philip Kemp states that he would "prefer to be identified as a Traditional Custodian and not a Traditional Owner as I do not own the land but I care for the land."
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the beneficiary .
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate. In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee , who holds the property as security for a loan ( debt ) from the lender to the borrower.
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Australian trust law is the law of trusts as it is applied in Australia. It is derived from, and largely continues to follow English trust law, as modified by state and federal legislation. A number of unique features of Australian trust law arise from interactions with the Australian systems of company law, family law and taxation.
An irrevocable trust may be used when the creator is trying to limit estate taxes and protect assets from being taken by creditors since the trust’s assets are no longer considered theirs.
Beneficial owner is subject to a state's statutory laws regulating interest or title transfer. [2] This often relates where the legal title owner has implied trustee duties to the beneficial owner. [clarification needed] A common example of a beneficial owner is the real or true owner of funds held by a nominee bank.
Estate planning isn't exactly the sort of thing most people like to think about over their morning coffee. Pondering your mortality -- not to mention what will happen to your assets and property ...