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The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed, and will remain private among the trustees.
Resulting trust: A resulting trust is a form of implied trust which occurs where (1) a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets; or (2) a voluntary payment is made by A to B in circumstances which do not suggest gifting. B becomes the resulting trustee of A's payment.
A Crummey trust achieves an effect desired by some creators of such trusts by offering the recipient a window of time to take immediate control of the gift (often 30 days). The control offered only applies to the current gift - typically, an amount no greater than the annual exclusion amount - not the entire trust.
Banks, brokerages, and government agencies often require a certified copy of the letters before accepting the administrator's authority to collect the deceased person's assets." [ 1 ] If a deceased has a surviving spouse, this individual will have priority in receiving a letter of administration over others, including children; age alone does ...
The Child Trust Funds (Amendment No. 2) Regulations 2009 (SI 2009/694) The Child Trust Funds (Amendment) Regulations 2010 (SI 2010/582) The Child Trust Funds (Amendment No. 2) Regulations 2010 (SI 2010/836) The Child Trust Funds (Amendment No. 3) Regulations 2010 (SI 2010/1894) The Child Trust Funds (Amendment No. 4) Regulations 2010 (SI 2010/2599)
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