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Federal tax law specifically allows for this vehicle. Here the grantor places an asset in the trust – one he expects will grow rapidly during the term of the trust. The document then requires the trustee to pay to the settlor a specific sum of money (the annuity) at certain intervals during the life of the trust.
Trust deed: A trust deed is a legal document that defines the trust such as the trustee, beneficiaries, settlor and appointer, and the terms and conditions of the agreement. Trust distributions: A trust distribution is any income or asset that is given out to the beneficiaries of the trust.
It is debatable as to whether the intentions of the testator should be taken into account; in Re Steed's Will Trusts [1960] 1 All ER the courts refused to alter a trust document, partially due to the testator's wishes; in Re Remnant's Settlement Trusts [1970] 2 All ER 554, however, the court took the opposite view. [14]
The trust certificate can be considered an outline or summary of the primary documents describing the trust. Trust documents can be complex and lengthy, more than 100 pages in some cases.
UK trust law permits ethical investment policies, to divest from assets beneficiaries object to or promote particular causes. [230] A trust deed may expressly allow it, or otherwise trustees must simply not make financially detrimental decisions and sufficiently diversify investments under the Trustee Act 2000 section 4(3). [231]
Northern Trust's (NTRS) launch of the AI solution, in partnership with Microsoft Azure, highlights its efforts to drive efficiency and reduce operational risks in the alternative asset servicing ...
FBO is an abbreviation for the common term “for the benefit of” and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language ...
The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]