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The trustee's right to do this, where it exists, is called a power of appointment. Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. 'As Trustee For' (ATF): This is the legal term used to imply that an entity is acting as a trustee.
Other states using the trusty system, such as Arkansas, [13] Alabama, Louisiana, and Texas were also forced to abolish it under the Gates v. Collier rulings. [12] However, some states, such as Texas, [14] still continued their use of trusty systems (known as "building tenders") until the 1980s, when Federal Judge William Wayne Justice, in Ruiz v.
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. [a] Where the trust is a testamentary trust, the settlor is usually referred to as the testator.
In Texas, the Texas Property Code [4] provides: (a) A settlor may provide in the terms of the trust that the interest of a beneficiary in the income or in the principal or in both may not be voluntarily or involuntarily transferred before payment or delivery of the interest to the beneficiary by the trustee. [5]
Ken Bridges is a Texas native, writer and history professor. He can be reached at drkenbridges@gmail.com. Texas History Minute: John Neely Bryan, his role in Van Buren, Dallas
In relation to automatic resulting trusts, there's some difference in expressing the nature of the settlor's intention: - According to Westdeutsche, Lord Browne-Wilkinson stated that a resulting trust arises due to a legal "presumed intention to create a trust in favor of the settlor". - It's also suggested that the trust arises from a "lack of ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.