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When you receive property from a trust, you have three primary options: occupy the home, sell it or rent it out.Each choice has its pros and cons. For example, if you receive a home without a ...
Furthermore, if trustee exercises "significant influence over the beneficiary and from which the trustee obtains an advantage" in a transaction, even if it does not concern trust property, the trustee can be held liable for violating his or her prime duty of loyalty to act solely for the trust and its beneficiaries. [56]
Creating a trust as part of your estate plan is something you might consider if you'd like to ensure that your assets will be managed according to your wishes after you're gone. When you establish ...
However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the question.
The trustee said it was out of the question, but without seeking consent from the beneficiaries, Mr Boardman and Tom Phipps invested their own money. They made a profit for themselves, and the trust (which retained its investment) until another beneficiary, John, found out and sued to have the profits back.
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
Attempts have been made to evade the doctrine by implying trusts (with varying success), constructing the Law of Property Act 1925 s. 56(1) to read the words "other property" as including contractual rights, and applying the concept of restrictive covenants to property other than real property (without success). in case of trust/beneficiary
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means ...