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Express Trusts
An express trust is a trust created "in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties." Property is transferred by a person (called a trustor, settlor, or grantor) to a transferee (called the trustee), who holds the property for the benefit of one or more persons, called beneficiaries. The trustee may distribute the property, or the income from that property, to the beneficiaries. Express trusts are frequently used in common law jurisdictions as methods of wealth preservation or enhancement. Terms Law generally requires only a simple formality to create an express trust. In certain jurisdictions, an express trust may even be established orally. Typically, a settlor would record the disposition, where real property is to be held in trust or the value of property in trust is large. Where legal title to property is being passed to a trustee, a "deed of settlement" or "Trust Instrument" (for jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Instrument
A trust instrument (also sometimes called a deed of trust, where executed by way of deed) is an instrument in writing executed by a settlor used to constitute a trust law, trust. Trust instruments are generally only used in relation to an inter vivos trust, ''inter vivos'' trust; testamentary trusts are usually created under a will (law), will. Formalities Although in most legal systems there are certain formalities associated with settling a trust, most legal systems impose few, if any, structures on the trust instrument itself. Historically, the concept of a trust is the intervention of the courts of equity to prevent a legal owner treating the property as beneficially his own; provided that state of affairs exists, a trust arises notwithstanding any lack of formality in relation to the form of the trust instrument. However, notwithstanding the flexible approach taken by the law, characteristically the legal profession has taken an extremely formalised approach to trust instrum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voluntary Association
A voluntary group or union (also sometimes called a voluntary organization, common-interest association, association, or society) is a group of individuals who enter into an agreement, usually as volunteering, volunteers, to form a body (or organization) to accomplish a purpose. Common examples include trade associations, trade unions, learned society, learned societies, professional associations, and environmental movement, environmental groups. All such associations reflect freedom of association in ultimate terms (members may choose whether to join or leave), although membership is not necessarily voluntary in the sense that one's employment may effectively require it via occupational closure. For example, in order for particular associations to function effectively, they might need to be mandatory or at least strongly encouraged, as is true of trade unions. Because of this, some people prefer the term common-interest association to describe groups which form out of a common i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Union
A civil union (also known as a civil partnership) is a legally recognized arrangement similar to marriage, created primarily as a means to provide recognition in law for same-sex couples. Civil unions grant some or all of the rights of marriage except child adoption and/or the title itself. Civil unions under one name or another have been established by law in several, mostly developed, countries in order to provide legal recognition of relationships formed by unmarried same-sex couples and to afford them rights, benefits, tax breaks, and responsibilities similar or identical to those of legally married couples. In 1989, Denmark was the first country to legalise civil unions, for same-sex couples; however most other developed democracies did not begin establishing civil unions until the 1990s or early 2000s, often developing them from less formal domestic partnerships. While civil unions are often established for both opposite-sex couples and same-sex couples, in a number of c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marriage
Marriage, also called matrimony or wedlock, is a culturally and often legally recognized union between people called spouses. It establishes rights and obligations between them, as well as between them and their children, and between them and their in-laws. It is considered a cultural universal, but the definition of marriage varies between cultures and religions, and over time. Typically, it is an institution in which interpersonal relationships, usually sexual, are acknowledged or sanctioned. In some cultures, marriage is recommended or considered to be compulsory before pursuing any sexual activity. A marriage ceremony is called a wedding. Individuals may marry for several reasons, including legal, social, libidinal, emotional, financial, spiritual, and religious purposes. Whom they marry may be influenced by gender, socially determined rules of incest, prescriptive marriage rules, parental choice, and individual desire. In some areas of the world, arrang ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. For political, statutory and other reasons, the term death tax is sometimes used to refer to estate tax in the United States. Varieties of inheritance and estate taxes * Belgium, droits de succession or erfbelasting (Inheritance tax). Collected at t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Variation Of Trusts Act 1958
The Variation of Trusts Act 1958c 62 is an Act of the Parliament of the United Kingdom that governs the courts' ability to vary the terms of trust documents. Prior to the 1950s, the courts were willing to approve "compromise" agreements as to what terms meant, not only when they were disputed but also for the benefit of certain parties, such as minors. In 1954, the House of Lords decided in '' Chapman v Chapman'' that this would no longer be permitted, creating a gap between the rights of trusts under the Settled Land Act 1925 (which could be altered if there was a flaw) and those trusts that were not (which were affected by the ''Chapman'' decision). As a result, following a report by the Law Reform Committee, Petre Crowder introduced the Variation of Trusts Bill to Parliament, where it was given the Royal Assent on 23 July 1958, and came into force as the Variation of Trusts Act 1958. The Act gave the courts near-unlimited discretion to approve "compromise" agreements, for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NSW Law Reports
The NSW Law Reports are the official reports of the courts of New South Wales, Australia. The reports are published by The Council of Law Reporting for New South Wales and cover selected cases heard in the Supreme Court of New South Wales. Each state in Australia has an official body which is responsible for the reporting of cases. At the Commonwealth level the responsibility rests with judges. The Commonwealth Law Reports are the authorised reports of the High Court of Australia. Judgments which are included in the reports are selected on the basis their significance in relation to the interpretation, development or application of the law in New South Wales. Fewer than 10% of all judgments are eventually selected for publishing. The current editor is Bret Walker who has held the position since 2006. From 1900 to 1950 the reports were known as the State Reports (New South Wales). The NSW Law Reports currently holds a monopoly on certain reported cases; these cases are n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Law Reports
The Australian Law Reports are a series of law reports which report cases from the High Court of Australia, Federal Court of Australia and the Supreme Courts of the states and territories exercising federal jurisdiction. The reports are not officially authorised. After each authorised series they are the most often cited series of law reports in Australia. They were previously called the Australian Argus Law Reports. See also * Commonwealth Law Reports * List of Law Reports in Australia Law reports covering the decisions of Australian Courts are collections of decisions by particulars courts, subjects or jurisdictions. A widely used guide to case citation in Australia is the ''Australian Guide to Legal Citation'', published ... References {{Australia-law-stub Law of Australia Case law reporters ... [...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] |
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] |
Companies
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is generating profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. Meanings and definitions A company can be defined as an "artificial per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protector (trust)
In trust law, a protector is a person appointed under the trust instrument to direct or restrain the trustees in relation to their administration of the trust. Historically, the concept of a protector developed in offshore jurisdictions where settlors were (perhaps understandably) concerned about appointing a trust company in a small, distant country as sole trustee of an offshore trust which is to hold a great deal of the settlor's wealth. However, protectors now form a part of mainstream tax planning in most jurisdictions which recognise trusts. There are a number of reasons that a settlor may wish to appoint a protector in relation to a trust: * protectors allow a great degree of flexibility when dealing with changes in circumstances, including both factual circumstances (death, premature divorce, previously unknown children) and legal changes (any legal changes, but most frequently changes to applicable revenue laws); * the settlor may be concerned that the trustee may not p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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