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An inheritance trust – also known as a family or testamentary trust – is a legal arrangement designed to manage and protect assets for the benefit of heirs or beneficiaries after the grantor ...
The beneficiary of the trust is the person who benefits from these assets. This beneficiary can be an individual, such as a child or other relative, or an organization like a charitable group.
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.
Incentive trust: A trust that uses distributions from income or principal as an incentive to encourage or discourage certain behaviors on the part of the beneficiary. 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 ...
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 ...
Insurance trust: In this kind of irrevocable trust, a life insurance policy is an asset. The trustee becomes the holder of the policy and upon the trustor’s death, pays all necessary taxes on ...
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
The post How to Keep Money in the Family With an Inheritance Trus. Inheritance trusts take on critical importance in wealth management, particularly for multi-generational families. The term might ...