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Estate planning involves both trust funds and wills to help ensure the smooth transition of assets to your beneficiaries. A trust fund is a legal entity that holds and manages assets on behalf of ...
A revocable trust, also referred to as a living trust, can allow you to manage your assets during your lifetime while providing specific instructions for how they should be managed after you’re ...
A trust is only as good as the trustee you assign to oversee it after you pass. Trustees do have a fiduciary obligation to faithfully carry out your wishes. However, there are no “trustee police ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
Grantor retained annuity trust ('GRAT'): an irrevocable trust whereby a grantor transfers asset(s), as a gift, into a trust and receives an annual payment from the trust for a period of time specified in the trust instrument. At the end of the term, the financial property is transferred (tax-free) to the named beneficiaries.
Many create trusts to protect family members from themselves. It is not unusual [citation needed] to see a will in which four children get funds free of trust or any other encumbrances from their father but a fifth child's funds are all or mostly placed in trust. This is usually for good cause – drug abuse, demonstrated inability to hold onto ...
The leading test of certainty of objects here is also the "any given postulant test", applied to discretionary trusts in McPhail v Doulton. [29] The courts attempted to mitigate this test in Re Baden’s Deed Trusts (no 2); [30] however, all three judges of the Court of Appeal gave separate reasons.
Acceptance of the half-secret trust is not entirely different to fully secret trusts but there are subtle and decisive variations; it can be communicated either directly, or tacitly. [47] The failure of a half-secret trust, such as where the beneficiaries of the trust cannot be shown, or communication is not at or before the execution of the will.
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