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Nearly all trusts created by individuals are the subject of some type of writing (either a trust agreement or a will), which provides evidence of not only the intent to create the trust, but the intended operative terms of it. However, abiding by the old common law rules, the Uniform Trust Code does recognize that a trust can be created orally ...
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 ...
Trusts may be created by the expressed intentions of the settlor also known as the founder (express trusts) [12] or they may be created by operation of law known as implied trusts. An implied trust is one created by a court of equity because of acts or situations of the parties. Implied trusts are divided into two categories: resulting and ...
The trust was an addition to the law of property, in the situation where one person held legal title to property but the courts decided it was fair just or "equitable" that this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor).
The holder of the power refers to the document creating the power in his or her will and designates who among the permissible objects of the power should receive the property. The power could be exercised by creating further trusts. If the power of appointment is not exercised, the default provision of the document that created the power takes ...
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