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United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust.. Most of the law regulating the creation and administration of trusts in the United States is now statutory at the state level.
The trust was an addition to the law of property, in the situation where one person held legal title to property but the courts decided it was fair just or "equitable" that this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...
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 rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical ...
The Act defines how the author of the trust could create a trust and assign trustees and assign his monetary assets to be controlled by the trust. This trust should have a clear definition of the following: [3] [1] Intention by the author to create the trust; Purpose of the trust; The beneficiary of the monetary assets controlled by the trust
A legal practitioner or law firm cannot appropriate money from a clients trust account in or towards satisfaction of a claim for legal costs unless a bill specifying the total amount of those costs, and describing the legal work to which the costs relate, has been delivered to the person liable to the costs either personally, or by post ...
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The Settled Land Acts 1882 to 1890 is the collective title of the following Acts: [2] The Settled Land Act 1882 (45 & 46 Vict. c. 38) The Settled Land Act 1884 (47 & 48 Vict. c. 18) The Settled Land Acts (Amendment) Act 1887 (50 & 51 Vict. c. 30) The Settled Land Act 1889 (52 & 53 Vict. c. 36) The Settled Land Act 1890 (53 & 54 Vict. c. 69)
Although people are generally free to set the terms of trusts in any way they like, there is a growing body of legislation to protect beneficiaries or regulate the trust relationship, including the Trustee Act 1925, Trustee Investments Act 1961, Recognition of Trusts Act 1987, Financial Services and Markets Act 2000, Trustee Act 2000, Pensions ...