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United States trust law is the body of law that regulates ... may be limited to dealing with discretionary distributions of principal and income, sale of a personal ...
The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
In some states, a beneficiary has a certain amount of time they can contest the trust. If a lawsuit is filed, the trustee cannot distribute the funds. If a lawsuit is filed, the trustee cannot ...
Discretionary trusts are the most common trust method used in Australia, where the trustee is given complete direction as to how trust income is distributed to beneficiaries. [4] Family trusts are the typical discretionary trust, used to hold the personal or business assets of a family. [ 5 ]
Trust. A non-discretionary account means that no one else has authority over your money. This is extremely important for many investors. Your broker can still find good trades on your behalf and ...
Whether such a trust is a spendthrift trust on the U.S. model, a protective trust on the Commonwealth model or another form of discretionary trust, it is more likely to be subject to challenge under the common law doctrine of sham or under specific statutory provisions if any person setting up the trust (or their spouse and their spouse in turn ...