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A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that person. It is created to address any estate accumulated during that person's lifetime or generated as a result of a postmortem lawsuit, such as a settlement in a survival claim, or the proceeds from a life insurance policy ...
Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
the act of "appointing" (i.e. giving) an asset from the trust to a beneficiary (usually where there is some choice in the matter—such as in a discretionary trust); or. the name of the document which gives effect to the appointment. The trustee's right to do this, where it exists, is called a power of appointment.
The Foreign Emoluments Clause is a provision in Article I, Section 9, Clause 8 of the United States Constitution, [1] that prohibits the federal government from granting titles of nobility, and restricts members of the federal government from receiving gifts, emoluments, offices or titles from foreign states and monarchies without the consent of the United States Congress.
Beneficiary (trust) In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often ...
In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee, who holds the property as security for a loan (debt) from the lender to the borrower. The equitable title remains with the borrower. [1] The borrower is referred to as the trustor, while the lender is referred to as the beneficiary.
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