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What is trust?

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What is trust?

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  1. WHAT ARE “TRUSTS”?

  2. Table of content • History of trust. • The modern trust • Legal title (“Ownership”) • Creation • Formalities • US trust law • Our contacts

  3. History of trust. • Started life as the “Use” (Use was created to avoid feudal incidents, to hold land whilst men were away in battle) • An institution of Chancery. (The body of law developed by Chancery is called EQUITY.

  4. The modern trust • SettlorSets up the trust by transferring legal title • Trustee Holds legal title • Beneficiary Holds “equitable title”. Is “equitable owner”.

  5. Legal title (“Ownership”) A property right Can be asserted against an indeterminate category of persons. Imposes duties on an indeterminate category of persons not to interfere. Personal right (right in personam) Can be asserted against limited category of persons. Imposes duties on specific persons.

  6. Creation • Typically a trust can be created in the following ways: • a written trust instrument created by the settlor and signed by both the settlor and the trustees • an oral declaration • the will of a decedent, usually called a testamentary trust • a court order (for example in family proceedings).

  7. Formalities Intention There must be a clear intention to create a trust Subject Matter The property subject to the trust must be clearly identified. One may not, for example state, settle "the majority of my estate", as the precise extent cannot be ascertained. Trust property may be any form of specific property, be it real or personal, tangible or intangible. It is often, for example, real estate, shares or cash. Objects The beneficiaries of the trust must be clearly identified, or at least be ascertainable. In the case of discretionary trusts, where the trustees have power to decide who the beneficiaries will be, the settlor must have described a clear class of beneficiaries . Beneficiaries may include people not born at the date of the trust.

  8. United states trust law State law applies to trusts, and the Uniform Trust Code has been enacted by the legislatures in many states. In addition, federal law may affect the structure and creation of trusts. The common law of trusts is summarized in the Restatements of the Law. In the United States the tax law allows trusts to be taxed as corporations, partnerships, or not at all depending on the circumstances, although trusts may be used for tax avoidance  in certain situations.

  9. CONTACT US 801 N. Brand Blvd. Suite 210Glendale, CA 91203 Tel. (818) 553-1000Fax (818) 553-1005 www.facebook.com/MargarianLaw www.linkedin.com/company/margarian-law https://www.youtube.com/user/dealerfraudlawyer

  10. For further information visit: http://margarianlaw.com/ https://en.wikipedia.org/wiki/Trust_law https://goo.gl/G6cDVx

  11. Thank you!

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