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Also, the trust's corpus can only be applied to the intended use of caring for the animal or the cemetery plot. [104] In essence, then, a court can determine that if the trust has property that exceeds the amount required for the animal's care, the court may intervene and distribute the funds to the grantor's successors in interest. [15]
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Asset-protection trust: The concept of an asset-protection trust encompasses any form of trust that provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts may be proscribed or limited in their effect by ...
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If you've just inherited a windfall from a deceased relative's trust, you're likely wondering, "How does a beneficiary get money from a trust?" When your deceased relative created the trust, they ...
Thus, the land trust in America today is often called an "Illinois-type" land trust or "Illinois Land Trust". [2] Land trusts have been actively used in Illinois for over a hundred years and in recent decades have begun to be used in other states. The declaration of a trust is through a "deed to trustee". If the trust is filed as a public ...
Key takeaways. An irrevocable beneficiary has a guaranteed right to receive the death benefit from your life insurance policy, and their consent is required for any changes that affect their rights.
Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the ...