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The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses, while the trustee was known as the feoffee to uses, and the beneficiary was known as the cestui que use, or cestui que trust.
This committee aimed for broad representation and included legal experts from various organizations, such as the American Bar Association (ABA) and its Section of Real Property, Probate and Trust Law, the American College of Trust and Estate Counsel (ACTEC), the American Bankers Association, and state bar associations from California and ...
Simply put, a trust is a legal document that allows you to delegate how your assets are distributed after your death. There are many types of trusts, but one of the most common is a living trust ...
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 ...
These requirements vary depending on whether the gift that establishes the trust is given during life, after death, or involves land. In the case of a gift given after death through a will, the will must adhere to Section 9 of the Wills Act 1837 , which mandates the will to be in written form and signed by the testator (or someone else present ...
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust. There are exceptions for statutory bodies ...
It is a requirement that the subject matter be certain — that the property intended to be in the trust be separated from other property, showing clarity in what is intended to be trust property. If there is no clear separation, the trust will fail, as in Re Goldcorp Exchange Ltd.
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