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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 ...
Trusts have certain requirements for creation. First, the grantor must show an intent to create a trust. [80] Concordantly, the grantor must have the mental capacity to form such an intent and to create the trust. [81] Also, if the grantor was "forced" to create the trust due to fraud, duress or undue influence, it is deemed void. [82]
The following Code of Ethics, governing the professional conduct of active members of the California Municipal Treasurers Association, [8] sets a standard of conduct in government finance: 1. To protect, preserve and maintain intact cash, investments and other assets placed in trust with the Treasurer on behalf of the residents of the community. 2.
The post Living Trust vs. Will in California: Differences and How to Choose appeared. Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians ...
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 ...
In California, for example, it is a misdemeanor for the management of a business entity to willfully fail to remit trust-fund taxes such as any withholding from an employee's wages made pursuant to a state or local law, and if the amount of tax due exceeds $500 the class of crime becomes a felony (see California Labor Code Section 227).
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