Ads
related to: trustee definition in a living trust meaning
Search results
Results from the WOW.Com Content Network
However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the question.
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
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]
The best course of action before opening a living trust for a specific purpose is to contact an experienced financial planner or estate planning attorney. 5. Distribution during the grantor's lifetime
A living trust is a legal arrangement in which you put assets into a trust and specify how you want them distributed after you pass away. On the other end, the probate process is sometimes known ...
A living trust can be created to own property and other assets. It can also be used to pass on your estate to beneficiaries. Here's what you need
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the ...
A living trust is a legal arrangement that allows you to pass assets on to other people. It's similar to a will in that regard, but with one key difference. The benefit of a living trust is that ...
Ads
related to: trustee definition in a living trust meaning