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Protective Trust
The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. It has marked similarities to asset-protection trusts found in several offshore jurisdictions and US Spendthrift trusts. In such a trust assets are ordinarily held to pay an income to the beneficiary. The beneficiary may also have access to capital of the trust with the trustee's permission. The right to receive income from a trust would ordinarily be an asset in the hands of the beneficiary and could be sold, thwarting the intention of the donor to spread the gift over the recipient's lifetime. Additionally on a bankruptcy the right to the income would be sold by the beneficiary's trustee in bankruptcy. To give protection to beneficiaries, a protective trust automatically converts into a discretionary trust, under which the beneficiary has no right to the income, if anything is done which breaches a condition specified in the document creating the trust. The establish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales
England and Wales () is one of the three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is English law. The devolved Senedd (Welsh Parliament; cy, Senedd Cymru) – previously named the National Assembly of Wales – was created in 1999 by the Parliament of the United Kingdom under the Government of Wales Act 1998 and provides a degree of self-government in Wales. The powers of the Parliament were expanded by the Government of Wales Act 2006, which allows it to pass its own laws, and the Act also formally separated the Welsh Government from the Senedd. There is no equivalent body for England, which is directly governed by the parliament and government of the United Kingdom. History of jurisdiction During the Roman occupation of Britain, the area of present-day England and Wales was administered as a single unit, except f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth Of Nations
The Commonwealth of Nations, simply referred to as the Commonwealth, is a political association of 56 member states, the vast majority of which are former territories of the British Empire. The chief institutions of the organisation are the Commonwealth Secretariat, which focuses on intergovernmental aspects, and the Commonwealth Foundation, which focuses on non-governmental relations amongst member states. Numerous organisations are associated with and operate within the Commonwealth. The Commonwealth dates back to the first half of the 20th century with the decolonisation of the British Empire through increased self-governance of its territories. It was originally created as the British Commonwealth of Nations through the Balfour Declaration at the 1926 Imperial Conference, and formalised by the United Kingdom through the Statute of Westminster in 1931. The current Commonwealth of Nations was formally constituted by the London Declaration in 1949, which modernised the comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset-protection Trusts
An asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts. The asset-protection trust is a trust that splits the beneficial enjoyment of trust assets from their legal ownership. The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets. Thus this kind of trust fulfills the goal of asset protection planning, i.e. to insulate assets from claims of creditors without concealment or tax evasion. A creditor's ability to satisfy a judgment against a beneficiary's interest in a trust is limited to the beneficiary's interest in such trust. Consequently, the common goal of asset protection trusts is to limit the interests of b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spendthrift Trust
A spendthrift trust is a trust that is created for the benefit of a person (often unable to control his/her spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary. The creator of a trust is often called the "trustor", "grantor", or "settlor" of the trust. A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift. This is what is known as a spendthrift clause or spendthrift provision. A spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable tru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beneficiary (trust)
In trust law, a beneficiary or '' cestui que'' use, a.k.a. ''cestui que'' trust, is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. With the exception of charitable trusts, and some specific anomalous non-charitable purpose trusts, all trusts are required to have ascertainable beneficiaries. Generally speaking, there are no strictures as to who may be a beneficiary of a trust; a beneficiary can be a minor, or under a mental disability (in fact many trusts are created specifically for persons with those legal disadvantages). It is also possible to have trusts for unborn children, although the trusts must vest within the applicable perpetuity period. Categorization There are various ways in which beneficiaries of trusts can be categorised, depending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also be a person who is allowed to do certain tasks but not able to gain income, although that is untrue.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discretionary Trust
A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or 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 Australia or New Zealand. Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents. Discretionary trusts can only arise as express trusts. It is not possible for a constructive trust or a resulting trust to arise as a discretionary trust. Forms Discretionary trusts can be discretionary in two respects. First, the trustees usually have the power to determine which beneficiaries (from within the class) will receive payments from the trust. Sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee Act 1925
The Trustee Act 1925c 19 is an Act of Parliament of the United Kingdom passed on 9 April 1925, which codified and updated the regulation of trustees' powers and appointment. It accompanied the land reform legislation of the 1920s. It came into effect on 1 January 1926. Title "An Act to consolidate certain enactments relating to trustees in England and Wales." Section 61 There is a discretionary power available to the courts under this section which allows a trustee's personal liability for a breach of trust to be lifted if it appears to the court that the trustee "has acted honestly and reasonably, and ought fairly to be excused for the breach of trust and for omitting to obtain the directions of the court in the matter in which he committed such breach". The trustee could be relieved from personal liability "either wholly or partly".UK LegislationTrustee Act 1925, section 61 accessed 25 December 2020 See also *English property law *English trusts law *Land Registration Act 1925 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset Protection
Asset protection (sometimes also referred to as ''debtor-creditor law'') is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax evasion. Asset protection consists of methods available to protect assets from liabilities arising elsewhere. It should not be confused with ''limiting liability'', which concerns the ability to stop or constrain liability to the asset or activity from which it arises. Assets that are shielded from creditors by law are few: common examples include some home equity, certain retirement plans and interests in LLCs and limited partnerships (and even these are not always unreachable). Assets that are almost always unreachable are those to which one does not hold legal title. In many cases it is possible to vest legal title to personal assets in a tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
