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Exactly what must be communicated depends on the nature of the property and trust; if there are multiple beneficiaries for example, this will need to be communicated. In Re Boyes, [35] Kay J came to the conclusion that communication requires allowing the trustee the chance to refuse his office; as such, it cannot be done after death. [36]
Generally, after the trustor passes away, the trustee notifies the trust’s beneficiaries, enacts the trust’s conditions and the beneficiaries receive the assets. In addition, the grantor’s ...
the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that ...
The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...
For example, a bypass trust is designed to meet the cash-flow needs of a surviving spouse, but it will transfer to the surviving spouse's beneficiaries, which are named in the trust, after his or ...
However, with an irrevocable trust, typically, the grantor cannot alter the terms of the trust without the beneficiary’s approval. But the grantor still had the authority to determine how the ...
Historically, the courts have felt it more important to uphold the rights of the putative beneficiary and to avoid the unjust enrichment of the legatee than to uphold the general rule of public policy that property must devolve by will on death. The All-Woman Supreme Court in Texas was convened to deal with the results of a secret trust. [2]
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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