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In trust law, a bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over (in England and Wales), or 16 or over (in Scotland).
A joint account is simply a bank account shared by two or more people, each with full access to the funds. Having a joint account can make it easier to manage shared expenses, but it's not always ...
If the joint account is a survivorship account, the ownership of the account goes to the surviving joint account holder. Joint survivorship accounts are often created in order to avoid probate. If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.
This presumption can be rebutted in several situations. It will be rebutted when the account, while in the name of both the husband and wife, is used exclusively for the husband's personal use, as in Young v Sealey, [51] or where the joint account exists solely so the husband can guarantee the wife's account, as in Anson v Anson. [52]
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A joint bank account can make financial life easier for couples and business owners. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ...
However, a growing trend for husbands and wives is to create "joint trusts" where both are "grantors" of the trust, thus mirroring the familiar concept of joint tenancy ownership. [15] For a revocable trust, the grantor retains the power to direct transactions for the trust, even if a third party serves as the trustee. [16]
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