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It is sometimes referred to as a family trust in Australia or New Zealand. Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents.
A trust beneficiary is an individual or entity who benefits from the trust. ... The trustee is obligated to follow your directions to the letter because they have a fiduciary duty to do so ...
In trust law, a letter of wishes is a tool used by a settlor when setting up a trust, to pass along information to the trustees.A letter of wishes usually contains instructions or extra information for the trustees.
The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...
Trust beneficiaries may also have to deal with tax repercussions too. Depending on trust, money or assets, and the estate laws within the state, a tax payment may be required.
For capital gains, beneficiaries get a step-up in basis to the fair market value of the assets at the date of your death, which can provide significant tax benefits if the assets have appreciated ...