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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 the terms of the trust in order to accommodate unexpected changes in tax or fiduciary law, unexpected changes in the trust's ...
Discretionary trusts and powers in English law are elements of the English law of trusts, specifically of express trusts. Express trusts are trusts expressly declared by the settlor ; normally this is intended, although there are situations where the settlor's intentions create a trust accidentally.
Discretionary trust: In a discretionary trust, certainty of object is satisfied if it can be said that there is a criterion which a person must satisfy to be a beneficiary (i.e., whether there is a 'class' of beneficiaries, which a person can be said to belong to). In that way, persons who satisfy that criterion (who are members of that class ...
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries. The trustee who oversees the trust can use their discretion in determining when and how ...
Discretionary trusts are trusts which require that the trustees exercise their powers, in the same way as a fixed trust, but allow some discretion in how to do so, in a similar manner to mere powers. Since trustees hold the discretionary power to choose how to act under an established boundary set out by the settlor of a trust, evidential ...
The difference between discretionary and non-discretionary accounts is critical, but very few individual investors even know this difference exists. The biggest difference is that with a ...
In trust law, a bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over (in England and Wales), or 16 or over (in Scotland).
Claflin doctrine is a U.S. law doctrine which states that a trust cannot be modified or terminated, even if all beneficiaries agree, if to do so would be contrary to a material purpose of the settlor. Material purposes include spendthrift, support, and discretionary trusts. The rule takes its name from the 1899 Massachusetts case Claflin v.