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Finally, a trust may be created for a certain non-charitable purpose without an ascertainable beneficiary for a certain period (21 years, under the default rules of the UTC.) [91] The most common example of a trust for a specific non-charitable purpose is a trust for the care of a cemetery plot.
The settlor does not need to be either the sole settlor or the only beneficiary of the trust. As long as the settlor is a beneficiary of the trust to any extent, to that extent the trust will be deemed self-settled. [citation needed] For example, Texas law provides:
The trust should name successor trustees, specify how assets should be invested and distributed and include provisions for unexpected situations like a beneficiary becoming disabled. A properly ...
A living trust is an estate planning option that can make things easier for your family after you’ve died. This guide will take you through the process of creating a living trust in Texas ...
Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses, while the trustee was known as the feoffee to uses, and the beneficiary was known as the cestui que use, or cestui que trust.
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 ...