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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 ...
The trust certificate can be considered an outline or summary of the primary documents describing the trust. Trust documents can be complex and lengthy, more than 100 pages in some cases.
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; [11] (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust.
A simple trust in Federal income tax law is one in which, under the terms of the trust document, all net income must be distributed on an annual basis. In the UK a bare or simple trust is one where the beneficiary has an immediate and absolute right to both the capital and income held in the trust.
Trust beneficiaries may also have to deal with tax repercussions too. Depending on trust, money or assets, and the estate laws within the state, a tax payment may be required.
A couple signs a series of documents setting up an irrevocable trust. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust.
Account for actions and keep beneficiaries informed: these include a duty to inform beneficiaries as to their entitlements under the trust [7] and other matters concerning the trust. Trustees do not have priority right to trust documents; it is a personal right and cannot be assigned [8] The right to seek disclosure of trust documents is an ...
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