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A trust in the US may be subject to federal and state taxation. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed. It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role.
t. e. United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust. Most of the law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first ...
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 ...
The post Trust Fund vs. Will for Estate Planning appeared first on SmartReads by SmartAsset. A trust fund is a legal entity that holds and manages assets on behalf of another individual or ...
A will contract is a term used in the law of wills describing a contract to exchange a current performance for a future bequest. In such an agreement, one party (the promisee) will provide some performance in exchange for a promise by the other party (the testator, because they must draft a will) to make a specific bequest to the promisee party in the testator's will.
Express trust. 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 ...
t. e. A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. Although any person can exercise this power at any time during their life, its use is rare outside ...
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 ...
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