The common law of trusts is summarized in the Restatements of the Law, such as the Restatement of Trusts, Third (2003−08). In the United States the tax law allows trusts to be taxed as corporations, partnerships, or not at all depending on the circumstances, although trusts may be used for tax avoidance in certain situations.
An irrevocable trust is a non-testamentary document that is created, in lieu or in conjunction, with a will. Irrevocable trusts are those trust that may not be re-claimed by the creator, or settlor, of the trust. Once property; or in legal terminology, res, is included in a trust it may no longer be re-acquired by the settlor.
Trusts are estate-planning tools designed to avoid probate or – sometimes – estate taxes. A divorcing spouse might be the beneficiary of a trust or he may be the settlor – the person who created it and transferred his property into it. Depending on which it is, the trust may be entirely separate from the divorce ...
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A compilation of laws, cases, and web sources on the law of trusts in Massachusetts. Explains the concept of decanting trusts. "The sole and disinterested trustee of an irrevocable trust could distribute the trust property in further trust for the benefit of the beneficiaries without their consent ...
Estate Planning With Revocable Living Trusts. Estate Planning has been defined as “Getting your assets, upon death, to whom you want, when you want, in the way you want, with the least amount of taxes and legal fees possible.” Estate planning most often results in the use of revocable living trusts to avoid probate at death.
Trusts Law and Legal Definition A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property.
English trust law concerns the creation and protection of asset funds, which are usually held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, but also share a history with countries across the Commonwealth and the United States.
Note: Trusts are governed by both state and federal law. These laws change periodically and you should always consult with a tax professional or an attorney for the most up-to-date advice. The information contained in this article is not intended as tax or estate planning advice, and it is not a substitute for such advice.
Trusts. Trusts are estate-planning tools that can replace or supplement wills, as well as help manage property during life. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people. There are many reasons to create a trust, making this property distribution technique a popular choice for many people when creating an estate plan.