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Trusts
In common law legal systems, a trust is an arrangement whereby money or property is managed by one person (or persons, or organizations) for the benefit of another but is owned by the 'Trust'. A trust is created by a settlor, who entrusts some or all of his or her property to people of his choice (the trustees). The trustees are the legal owners of the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary, a.k.a. cestui que use or cestui que trust), usually specified by the settlor. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.
The trust is governed by the terms of the trust document, which is usually written and in deed form. It is also governed by local law.
In the United States, the settlor is also called the trustor, grantor, donor, or creator.
Planning for Disabled Children and Adults: Special Needs Trusts and Supplemental Benefits Trusts
As discussed below, a self-settled special needs trust is a device used to protect funds belonging to a disabled person resulting from, for example, a tort action...
Denial of Medicaid Eligibility After Court Reformed Testamentary Trusts in Parents? Wills to Special Needs Trusts Reversed on Appeal
In the ec-v-division-of-medical-assistance-and-heath-services case, the petitioner E.C. was a 67 year old physically and developmentally disabled woman who resided in a nursing home...
Pet Trusts
One needn?t be surprised to learn that 16 US states have passed laws that allow pet owners to set up a pet trust fund to look after Mew-Mew or Bark-Bark after the owner has died...
Special Needs Trusts CLE
On January 31 through February 1, 2008, the University of Texas School of Law and the Wealth Management and Trust Division of the Texas Bankers Association is sponsoring a seminar entitled 2008 Changes and Trends Affecting Special Needs Trusts: A...
Gone With the Wind and Trusts
I'm working my way through Margaret Mitchell's Gone With the Wind right now -- it's so long, this may well be the last book I read this year...
Pet Trusts In California
Professor Beyer writes here about SB 685 being considered by the California legislature.
At one time, California was a leader in the pet trust field when it passed Probate Code § 15212 providing that “[a] trust for the care of a designated domestic or pet animal may be performed by the trustee for the life of the animal, whether or not there is a beneficiary who can seek enforcement or termination of the trust and whether or not the terms of the trust contemplate a longer duration...
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