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Under the feudal system in England, a feoffee (/ f ɛ ˈ f iː, f iː ˈ f iː /) is a trustee who holds a fief (or "fee"), that is to say an estate in land, for the use of a beneficial owner. The term is more fully stated as a feoffee to uses of the beneficial owner.
In English common law, fee tail or entail is a form of trust, established by deed or settlement, that restricts the sale or inheritance of an estate in real property and prevents that property from being sold, devised by will, or otherwise alienated by the tenant-in-possession, and instead causes it to pass automatically, by operation of law, to an heir determined by the settlement deed.
A fee tail is a limited estate with succession confined to the direct descendants of the original holder of the estate – descendant determined according to ancient heirship rules which leaned in favour of the eldest son.
Fee – A right in law to the use of land; i.e. a fief. Simple – in the unconstrained sense: without limit to the inheritance of heirs; unrestricted as to transfer of ownership. The English word fee ultimately goes back to the Indo-European root *peku, which refers to moveable wealth, that is, cattle.
If the time of ownership can be fixed and determined, it cannot be a freehold. It is "An estate in land held in fee simple, fee tail or for term of life." [4] The default position subset is the perpetual freehold, which is "an estate given to a grantee for life, and then successively to the grantee's heirs for life." [4]
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]
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
In Australia, trust money in the legal industry is the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. [1] Trust money is required to be held by a law firm on a client's behalf in a trust account with a bank and is highly regulated.