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Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical ...
Naming minor children as beneficiaries, whether irrevocable or not, is generally not advisable. Instead, consider naming an adult or creating a trust to manage the funds on behalf of your children.
It stipulates that instant triple talaq (talaq-e-biddat) in any form – spoken, written, or by electronic means such as email or SMS – is illegal and void, with up to three years in jail for the husband. Under the new law, an aggrieved woman is entitled to demand maintenance for her dependent children. [16]
A Crummey provision is typically a provision within another trust [citation needed] and ordinarily works as follows. The grantor makes a gift to an irrevocable living trust. The trust beneficiaries are notified by the trustee that they have the power to withdraw some or all of the gift to the trust for a specified time period.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
For illegitimate children, the mother is the primary guardian, while the father is the secondary guardian. A married minor girl's husband becomes her guardian. For an adoptive son, the adoptive father is the primary guardian, then the adoptive mother. [1] Each of these, if they chose, may appoint guardians of their child's person or property. [1]
The Act defines how the author of the trust could create a trust and assign trustees and assign his monetary assets to be controlled by the trust. This trust should have a clear definition of the following: [3] [1] Intention by the author to create the trust; Purpose of the trust; The beneficiary of the monetary assets controlled by the trust
A charitable trust is an irrevocable trust established for charitable purposes. In some jurisdictions, it is a more specific term than " charitable organization ". A charitable trust enjoys varying degrees of tax benefits in most countries and also generates goodwill.