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In trust law, 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." [ 1 ] 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 ...
In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change the terms of the trust in order to accommodate unexpected changes in tax or fiduciary law, unexpected changes in the trust's ...
The post Differences Between a Living Trust and a Will in Texas appeared first on SmartReads by SmartAsset. It is vital for protecting your assets and ensuring they are handled according to your ...
Conceptual uncertainty is the "most fundamental in the validity of a trust or power", and is where the language used in the trust is unclear. Examples include where familiar but overly vague terms are used, such as "good customers" or "useful employees"; if the concept cannot be certain, the trust fails. [ 34 ]
A declaration of trust does not require a technical form of expression, it is a question of construction whether the words used, taking into account the surrounding circumstances, amount to a clear declaration of trust. What is needed is the manifestation of an intention to declare a trust: Paul v Constance [1977] 1 All ER 195. Where no words ...
The Texas Department of Banking issued a charter to Guaranty State Bank on January 20, 1913. [11] [14] The bank's name changed to Guaranty Bond State Bank in 1927.[11]In 1979, the bank added trust powers.The following year, [11] Guaranty created Guaranty Bancshares Inc., its holding company. [11]
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In law, commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client. This raises particular concerns where the funds are invested, and gains or losses from the investments must be allocated.