Sentences with phrase «beneficiary under a trust»

The recent judgment of HHJ Paul Matthews in Lewis v Tamplin provides cause to consider what rights beneficiaries under a trust have to demand information about it.

Further, section 21 (1)(a) provides that no period of limitation shall apply to an action by a beneficiary under a trust being an action to in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy.

«No period of limitation shall apply to an action by a beneficiary under a trust in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy; or to recover from the trustee trust property or the proceeds of trust property in the possession of the trustee, or previously received by the trustee and converted to his use.»

Not exact matches

Life Insurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreeTrust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreetrust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreetrust agreement.

If they're minors (under age 18), you should probably establish grantor trusts for each of them and name the trusts as the beneficiaries.

Further, under U.S. law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust's Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust's beneficiaries would suffer a loss.»

One very important consideration is to be aware that in the UK a beneficiary can under certain circumstances «collapse» a trust and attain full legal title to the trust fund.

A trust is an arrangement under which a trustee holds property for the benefit of one or more beneficiaries.

A trust is a legal arrangement under which one person, the trustee, controls property given by another person, the trustor, for the benefit of a third person, the beneficiary.

Under this new law, a trust can be set up with the pet as beneficiary.

We represent beneficiaries that are owed an inheritance, such as money, personal property, or real estate under a trust or will.

Trustees contemplating action pre-5 April 2008 will in many cases also have to consider how to take advantage of the current more benign CGT rules for non-domiciliaries without triggering CGT liability for beneficiaries who are both resident and domiciled in the UK and the need to analyse the trust's income records to ensure that all retained income (as well as gains which may give rise to liability in the future) is fully distributed — the catch being that distributions to UK resident beneficiaries always draw down relevant income under the Income Tax Act 2007, s 732 regime in priority to gains under TCGA 1992, s 87.

The definition of «secured creditor» under the CCAA does not appear to encompass beneficiaries of deemed trusts.

This includes providing advice to lay and professional trustees in avoiding and defending claims by beneficiaries and third parties, advising corporate trustees and trust managers on potential claims and bringing and defending claims under the Inheritance (Provision for Family and Dependants) Act 1975.

The Ontario PPSA subordinates a security interest in an account or inventory or its proceeds to the interest of a person who is the beneficiary of a deemed trust arising under the PBA (s 30 (7)-RRB-.

(4) Where a pension plan is wound up in whole or in part, an employer who is required to pay contributions to the pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to employer contributions accrued to the date of the wind up but not yet due under the plan or regulations.

Compensation is what could have obtained under the terms of the trust had the beneficiary been aware of its right to claim.

A telling point was his observation that under a bare trust the trustee's sole duties to the beneficiary are not only to allow him to enjoy the trust property, but also to obey any direction the beneficiary may give as to how the trust property should be disposed of by putting an end to the trust.

In Re Barcham [2009] 1 All ER 145 the court held that TOLATA 1996 did not provide an exhaustive regime for compensation for the exclusion of a beneficiary from the occupation of a property subject to a trust of land and that an essential prerequisite for the power to award compensation under TOLATA 1996, s 13 (6) was the entitlement under TOLATA 1996, s 12 of the beneficiary claiming the compensation to occupy the land at any time by reason of their interest: what triggered that award was the exclusion of that right of occupation.

This can happen, for example, when under a fixed trust, the trustees pay out the capital of the assets to a beneficiary.

She is the executor of the Estate, a beneficiary under the Will and also the owner in fee simple of the Richmond Property which Mr. T. Terezakis claims she holds in trust for the Estate, an allegation which Ms. Ekins vigorously disputes.

When a spouse dies, the property might pass to the surviving spouse (if it is titled in joint names), by beneficiary designation, by will or trust instrument, or under the laws of intestate succession (for those who do not have a will) or statutory share (for spouses who have been cut out of the will).

This case concerns a Hastings - Bass application involving a non-Guernsey trust and non-Guernsey beneficiaries (under a pension scheme) and HMRC has been granted leave to join the proceedings.

This was an application by beneficiaries of a Bahamian trust for information under the Data Protection Act, aimed at requiring the trustees» solicitors to provide material for use in a dispute against the trustees.

William frequently acts for charities as beneficiaries under wills and trusts in all matters arising in respect of their beneficial interests and any challenges to them.

The Investment Promotion Act has been amended to allow non-resident settlors or non-resident beneficiaries of a trust to own immovable property in Mauritius solely under the Integrated Residential Schemes («IRS») and the Real Estate Scheme («RES») without the approval of the Prime Ministers» Office under the Non-Citizens (Property Restrictions) Act 1973, as amended.

Perhaps surprisingly, Lewison J held he had no jurisdiction to do so under AJA 1985, since a person, like the foundation, claiming under the doctrine of mutual wills was not a person beneficially interested in the estate «under the will of the deceased» (see s 50 (5)-RRB-: its interest in the estate arose as beneficiary of the trust which was imposed on the survivor / her PRs to carry out the effect of the joint will.

The foundation was a «beneficiary» for those purposes, since the normal definition of trust applied (see Re Marshall's Will Trusts [1945] Ch 217) and that could encompass a trust imposed by law, such as that imposed on the survivor under the doctrine of mutual wills.

Under a life interest trust, the trust assets were treated as forming part of the estate of the life tenant, so no 10 - year charges or exit charges, and bare trusts were effectively ignored — the assets belonging to the beneficiary for IHT purposes.

For example, where a spouse is a potential beneficiary under a valid discretionary trust, the court can not force the trustees to make any dispositions to the same spouse.

Instead, you should set up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act (UTMA).

A beneficiary is an individual, institution, trustee, or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement plan, trust, annuity, or other contract.

Instead, it's best to set - up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act.

Filed Under: Life Insurance 101 Tagged With: designating a guardian, life insurance beneficiary, living trust, minor child as beneficiary, setting up a trust, single parents, special needs children and life insurance, testamentary trust, two parent family, Uniform Transfer to Minors Act, UTMA

However, if you fail to revise your estate planning documents after your divorce, your former spouse might still be a beneficiary of your estate and may continue to be a fiduciary under your will, revocable trust, power of attorney, -LSB-...]

However, if you fail to revise your estate planning documents after your divorce, your former spouse might still be a beneficiary of your estate and may continue to be a fiduciary under your will, revocable trust, power of attorney, or advance health care directive.

So if you are holding the properties in a trust whose beneficiary is the LLC, you should transfer those beneficiary rights and close the sale under your personal name.

On the other hand, should you decide to include the seller carry - back installment note as part of your 1031 Exchange transaction, the installment note and corresponding deed of trust or mortgage would be drafted with your Qualified Intermediary listed as the beneficiary or owner under the installment note and corresponding deed of trust or mortgage.

Yes, as long as the underlying beneficiaries of both Title Holding Trusts are exactly the same the transaction will qualify for tax - deferred exchange treatment under Section 1031 of the Internal Revenue Code.