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The trustee's right to do this, where it exists, is called a power of appointment. Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. 'As Trustee For' (ATF): This is the legal term used to imply that an entity is acting as a trustee.
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. [a] Where the trust is a testamentary trust, the settlor is usually referred to as the testator.
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This form of trust is commonly referred to as a "Nevada Asset Protection Trust". Under Chapter 166, an individual can serve as the settlor, trustee, and beneficiary of the trust. This network of laws is specifically designed to protect trust assets from the claims of any creditor.
Other states using the trusty system, such as Arkansas, [13] Alabama, Louisiana, and Texas were also forced to abolish it under the Gates v. Collier rulings. [12] However, some states, such as Texas, [14] still continued their use of trusty systems (known as "building tenders") until the 1980s, when Federal Judge William Wayne Justice, in Ruiz v.
In relation to automatic resulting trusts, there's some difference in expressing the nature of the settlor's intention: - According to Westdeutsche, Lord Browne-Wilkinson stated that a resulting trust arises due to a legal "presumed intention to create a trust in favor of the settlor". - It's also suggested that the trust arises from a "lack of ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.