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A blind trust is a trust in which the trust beneficiaries have no knowledge of the holdings of the trust, and no right to intervene in their handling. In a blind trust, the trustees ( fiduciaries , or those who have been given power of attorney ) have full discretion over the assets.
In the UK, a protective trust is a life interest that terminates upon the happening of a specified event; such as the bankruptcy of the beneficiary, or any attempt by an individual to dispose of their interest. They have become comparatively rare. In the US, a 'protective trust' is a type of trust that was devised for use in estate planning ...
Finally, the UTC requires that a trust must not have the same person as the sole trustee and sole beneficiary. [95] Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
Perhaps the biggest benefit of having a living trust is that it allows you to avoid the probate process. Probate is the legal process of proving that a will is legitimate.
A trust fund is a legal entity designed for holding assets, not a specific type of account as is thought in the popular imagination. Because of this, trust funds can be the owner of a variety of ...
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. [1] Legal owners (i.e. the owners on the record), commonly described as the "registered owners", may hold those interests as ...