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In trust law, a beneficiary (also known by the Law French terms cestui que use and 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 ...
Type of Trust Definition and Purpose Tax Benefits Revocable A trust that can be modified or dissolved without the permission of the beneficiary. During the life of the trust, income from the corpus is distributed to the grantor. Transfer of assets to beneficiaries only occurs at the time of the grantor's death.
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
Trust beneficiaries may also have to deal with tax repercussions too. Depending on trust, money or assets, and the estate laws within the state, a tax payment may be required. For example, if a ...
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
An irrevocable trust, on the other hand, cannot be changed without a court order or the approval of the trust's beneficiaries. However, assets placed into an irrevocable trust are excluded from ...
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