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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 ...
Naming minor children as beneficiaries, whether irrevocable or not, is generally not advisable. Instead, consider naming an adult or creating a trust to manage the funds on behalf of your children.
For illegitimate children, the mother is the primary guardian, while the father is the secondary guardian. A married minor girl's husband becomes her guardian. For an adoptive son, the adoptive father is the primary guardian, then the adoptive mother. [1] Each of these, if they chose, may appoint guardians of their child's person or property. [1]
A charitable trust is an irrevocable trust established for charitable purposes. In some jurisdictions, it is a more specific term than " charitable organization ". A charitable trust enjoys varying degrees of tax benefits in most countries and also generates goodwill.
A Crummey provision is typically a provision within another trust [citation needed] and ordinarily works as follows. The grantor makes a gift to an irrevocable living trust. The trust beneficiaries are notified by the trustee that they have the power to withdraw some or all of the gift to the trust for a specified time period.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
In trust law, an express trust is a trust created "in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties." [ 1 ] Property is transferred by a person (called a trustor, settlor , or grantor) to a transferee (called the trustee ), who holds the property for the benefit ...
The nature of marriage for Hindus was radically changed by the passage of the Hindu Marriage Act (1955), the Special Marriage Act, 1954, which brought marriage into the realm of civil law. It was further changed in 1983 by addition of section 498A to the Indian Penal Code , which aimed to protect married women from cruel treatment by husbands ...