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This may even include situations where there may be a conflict in the grantor's direction and the actual terms of the trust. [15] In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change ...
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
Although the word "trust" is used, resulting and constructive trusts are different from express trusts because they mainly create property-based remedies to protect people's rights, and do not merely flow (like a contract or an express trust) from the consent of the parties. Generally speaking, however, trustees owe a range of duties to their ...
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. The ...
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A spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not known to be spendthrifts.
Governing doctrines. Pour-over will; Cy-près doctrine; Hague Convention (conflict law) Application in civil law; Dishonest assistance; Estate administration
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust.
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