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For example, say that the beneficiaries believe the trustee is siphoning assets away from the trust for their own benefit. They could initiate a court proceeding to have the trustee removed and ...
A living trust can also accommodate a growing or changing family. You can add or remove beneficiaries as you see fit to account for events like marriage, the birth of a child, or divorce.
The grantor can add or remove beneficiaries, add or remove assets from the trust or terminate the trust completely. Once the grantor dies, the trust then becomes set in stone and can no longer be ...
Under the common law, a person who disclaimed their interest would be treated as though they had died before the trust or will came into effect. This was a sensible option if the disclaiming party was an heir by descent, whose own children would then take in his place and without the imposition of a gift tax .
The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed, and will remain private among the trustees.
The simultaneous acts of the grantor transferring property to the trust and the trust beneficiaries being permitted to withdraw the gift from the trust is deemed to be the same as giving the gift to the beneficiaries outright. The gift to the trust with the Crummey provision now qualifies for the annual gift exclusion. [3] The Crummey Trust is ...
Lastly, the grantor may give the trustee the power to decide what the beneficiary acquires from the trust and when. If the beneficiary is young or struggles with money management, often times, a ...
In the trust law of England, Australia, Canada, and other common law jurisdictions, a discretionary trust is a trust where the beneficiaries and their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. It is sometimes referred to as a family trust in