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Testamentary Trust
A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in their will. A will may contain more than one testamentary trust, and may address all or any portion of the estate. Testamentary trusts are distinguished from ''inter vivos'' trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: *the person who specifies that the trust be created, usually as a part of their will, but it may be set up in abeyance during the person's lifetime. This person may be called the ''grantor'' or ''trustor'', but is usually referred to as the ''settlor''; *the ''trustee'', whose duty is to carry out the terms of the will. they may be named in the will, or may be appointed by the probate court that handles the will; *the ''beneficiary(s)'', who will receive the benefits of the trust; *Although not a party to the trust itself, the ''proba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the " beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resulting Trust
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to have held the property for benefit of another person. The trust property is said to "result" or jump back to the transferor (implied settlor). In this instance, the word 'result' means "in the result, remains with", or something similar to "revert" except that in the result the beneficial interest is held on trust for the settlor. Not all trusts whose beneficiary is also the settlor can be called resulting trusts. In common law systems, the resulting trust refers to a subset of trusts which have such outcome; express trusts which stipulate that the settlor is to be the beneficiary are not normally considered resulting trusts. Another understanding of resulting trusts could be an equitable instrument used to rectify and reverse unjust enrichment. The beneficial interest results in the settlor, or if the settl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Terminology
Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been variously described as a Social science#Law, science and as the art of justice. State-enforced laws can be made by a group legislature or by a single legislator, resulting in statutes; by the executive through decrees and regulations; or established by judges through precedent, usually in common law jurisdictions. Private individuals may create legally binding contracts, including arbitration agreements that adopt Alternative dispute resolution, alternative ways of resolving disputes to standard court litigation. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wills And Trusts
Wills may refer to: * Will (law), a legal document Places Australia * Wills, Queensland, a locality in the Shire of Boulia * Division of Wills, an Australian electoral division in Victoria United States * Wills Township, LaPorte County, Indiana * Wills Township, Guernsey County, Ohio * Wills, Wisconsin, an unincorporated community * Wills Creek (Ohio), a tributary of the Muskingum River * Wills Creek (North Branch Potomac River), in Pennsylvania and Maryland People * Wills (surname), a surname * William, Prince of Wales (born 1982), nicknamed "Wills" Other uses * Wills baronets, of Northmoor, a former title in the Peerage of the United Kingdom - see Baron Dulverton * Wills Hall Wills Hall is one of more than twenty halls of residence in the University of Bristol. It is located high on the Stoke Bishop site on the edge of the Bristol Downs, and houses c. 370 students in two quadrangles. Almost all of these students a ..., a student residence of the University of Bristol * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Diplock
''Re Diplock'' or ''Ministry of Health v Simpson'' 951AC 251 is an English trusts law and unjust enrichment case, concerning tracing and an action for money had and received. Facts Various charities, including the Royal Sailors Orphans Girls’ School and Home and Dr Barnardo’s Homes had wrongly been paid money by personal representatives under Mr Caleb Diplock’s will, which left £263,000. The representatives mistakenly believed a clause in the will was valid. Some money went to be used to improve and repair other property. But the trust was held to be invalid in a decision of the House of Lords, called ''Chichester Diocesian Fund and Board of Finance Incorporated v Simpson''. The next of kin, including Cornelius Simpson, claimed that the money should be repaid by the recipients. Judgment Court of Appeal The Court of Appeal rejected the claimant’s claim for a charge over newly built buildings. It allowed a claim for equitable tracing in the mixed funds held by the charit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Void (law)
In law, void means of no legal effect. An action, document, or transaction which is void is of no legal effect whatsoever: an absolute nullity—the law treats it as if it had never existed or happened. The term void ''ab initio'', which means "to be treated as invalid from the outset", comes from adding the Latin phrase ''ab initio'' (from the beginning) as a qualifier. For example, in many jurisdictions where a person signs a contract under duress, that contract is treated as being void ''ab initio''. The frequent combination "null and void" is a legal doublet. The term is frequently used in contradistinction to the term "voidable" and "unenforceable". Definitions '' Black's Law Dictionary'' defines 'void' as: In the case of a contract, this means there is no legal obligation, therefore there can be no breach of contract since the contract is null, but there may be an implied contract which requires the recipient of goods or services provided to pay their reasonable val ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Residuary Estate
A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a ''residuary clause'' or ''residuary bequest''. The person identified in such a clause is called the ''residuary taker'', ''residuary beneficiary'', or ''residuary legatee''. Such a clause may state that, in the event all other heirs predecease the testator, the estate would pass to a charity (that would, presumably, have remained in existence). If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been mad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Wishes
A letter of wishes is a tool used by someone setting up a trust, to pass along information to the 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 ...s. A letter of wishes usually contains instructions or extra information for the trustees. 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. It is mainly used because it is easy to change, unlike amending a will or trust deed, and will remain private among the trustees. References Wills and trusts Equity (law) Property law Inheritance {{law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Testator
A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. 556. . Related terms * A female testator is sometimes referred to as a testatrix (), plural testatrices (), particularly in older cases. *In Ahmadiyya Islam, a testator is referred to as a moosi, who is someone that has signed up for Wasiyyat or a will, under the plan initiated by the Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. * The adjectival form of the word is testamentary, as in: # Testamentary capacity, or mental capacity or ability to execute a will and # Testamentary disposition, or gift made in a will (see that article for types). # Testamentary trust, a trust that is created in a will. * A will is also known as a last will and testament. * Testac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimenta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
