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The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
Since the public policy of Illinois has promoted access to public records, the enactment of FOIA did not drastically change the substance of Illinois law. FOIA is significant because it provides a comprehensive statutory statement of longstanding public policy, provides a codified balancing of competing interests recognized by common law, and ...
Many create trusts to protect family members from themselves. It is not unusual [citation needed] to see a will in which four children get funds free of trust or any other encumbrances from their father but a fifth child's funds are all or mostly placed in trust. This is usually for good cause – drug abuse, demonstrated inability to hold onto ...
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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 ...
In trust law, a settlement is a deed (also called a trust instrument) whereby real estate, land, or other property is given by a settlor into trust so the beneficiary has the limited right to the property (for example, during their life), but usually has no right to sell, bequeath or otherwise transfer it. Instead the property devolves as ...
Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. [1]