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A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
If the trustee and the grantor are the same person and they've established a revocable living trust, then they'd be able to add or remove beneficiaries at their discretion.
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]
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.
The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors.
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
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 the benefit ...
If you leave a trust to a loved one, it's probably because you want to ensure that they are taken care of after you are gone. But that very act may cause you to wonder how long can a trust …
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