The persons engaged in the legal operation of the trust are the settlor
courts to void trusts in which a settlor
has reserved a significant amount of control over the trust's assets.
7) For example, in the United States, as a matter of public policy, a trust's spendthrift provision was traditionally void with respect to the settlor
's creditors where the settlor
was also a beneficiary.
The importance of distinguishing between fiduciary and settlor
decisions is to ensure that company actions are not held to a fiduciary standard.
Intent and Trustee Expertise: Enforcing Forfeiture Clauses C.
created two grantor retained annuity trusts (GRATs) with different terms and remainders that passed to a trust created for his four children (Children's Trust).
It should be stressed though that, aside from the tax implications, there are dangers in the Settlor
having control, especially if they are not experienced or have particular expertise in managing such affairs.
The Guernsey Foundation can be used as an alternative to the PTC and purpose trust arrangements that have traditionally been used to allow Settlors
to retain control over assets and wealth.
Holding assets in trust will also protect them if the settlor
was declared bankrupt.
After the deadline of 30 working days provided to the settlor
Altara The Tucano in Costa Rica to provide the resources to pay obligations owed to the trust, the administrator, Scotiabank announced the execution of the guaranty for non payment, reports elfinancierocr.
By acting as a legal entity, a BEE can also serve families simultaneously as a protector, settlor
, founder and investment advisor aACAo all with low personal liability.
The trust settlor
in this case created a marital trust for the benefit of his wife, whom he appointed to serve as trustee.
makes a gift into trust which is held for the benefit of specified beneficiaries Once the trust fund is set up, normally this is classified as a gift under the 'potentially exempt transfer' scheme for taxation purposes; and the individual who sets up the trust will see that property leave their estate for inheritance tax purposes after a seven year period.
Thousands of trusts have been established around the world by settlors
(the person transferring the assets to the trust) wishing to ensure that their wealth is managed and protected according to their wishes, whether this is to provide for family in the event of the settlor
's death, to protect the inheritance of children until they are ready to take responsibility for it or to help succession planning in a family business.
T]he term "trust" refers to the legal relationships created--inter vivos or on death--by a person, the settlor
, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.