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Megaw LJ, however, took the approach that a trust could be valid, even with uncertain beneficiaries, if there was a "core number" of beneficiaries who were certain. [32] Megaw LJ's stand reflects the current position. Otherwise, trusts would have been failed if there is one individual who cannot be said to be the "given postulant".
Finally, a trust may be created for a certain non-charitable purpose without an ascertainable beneficiary for a certain period (21 years, under the default rules of the UTC.) [91] The most common example of a trust for a specific non-charitable purpose is a trust for the care of a cemetery plot. [92]
Trust deed: A trust deed is a legal document that defines the trust such as the trustee, beneficiaries, settlor and appointer, and the terms and conditions of the agreement. Trust distributions: A trust distribution is any income or asset that is given out to the beneficiaries of the trust.
Creating a trust as part of your estate plan is something you might consider if you'd like to ensure that your assets will be managed according to your wishes after you're gone. When you establish ...
The trust cannot be canceled without the approval of all beneficiaries and the grantor: If a trust must be canceled, it requires the approval of all the beneficiaries and the grantor, potentially ...
The trust instrument must show certainty of intention to create a trust, certainty of what the subject matter of the trust is, and certainty of who the beneficiaries (or objects) are. Where there is uncertainty for whatever reason, the trust will fail, although the courts have developed ways around this.
The post Trust Fund vs. Will for Estate Planning appeared first on SmartReads by SmartAsset. A trust fund is a legal entity that holds and manages assets on behalf of another individual or ...
Where a fixed trust gives the trustee no discretion, and a discretionary trust (a "trust power") gives the trustee discretion and requires him to exercise it, powers go a step further. A "mere power", while not a trust obligation, grants the holder of the power the ability to exercise it, but without any requirement to do so.
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