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The trustee must administer the property of the trust only for the benefit of the designated beneficiaries and must not use principal of the trust for his/her own benefit. Spendthrift Trusts are the type of trust that is established for someone who is incompetent in the management of their resources. This type of trust disallows the beneficiary from consenting to creditors attaching debts to the trust. Exculpatory Clauses and Trustees relates to the fact that Trustees must exercise reasonable care of the estate. Unpaid trustees must such due diligence and care in the management of the trust assets as businessmen of ordinary prudence and vigilance would use in the management of their own affairs Formation of Revocable Trusts - The individual making the trust when showing a clear intention to transfer their property to a trust of which they will themselves act as trustee, "the property is transferred as a gift and held on the trust although the property has not been vested in the trustees, as a body by the completion of the formalities required to effect the transfer of the legal ownership." If there is no clear intent that the trust was formed to be irrevocable, the 'gift' is therefore irrevocable and is not considered a constituted trust.
Summary...
The individual looking towards the formation of a trust will be well advised to employ an attorney-at -law whom is well versed in the formation of a trust and all the associated details that must be fastidiously guarded to affect the trust in the form desired by the individual who seeks to make such a trust.
Note: Property to be subject to a declaration of trust may be identified by the terms of the trust. A reference by the settlor in the terms of the trust to all my property or words of similar import is sufficient to subject all of the settlor's property to the declaration of trust."(UCC" ARTICLE 2
CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUSTS
PART 1 CREATION AND VALIDITY OF TRUSTS: SECTION 2-101. METHODS OF CREATING TRUSTS
Uniform Trust Act Online available at http://www.law.upenn.edu/bll/ulc/uta/trustpol.htm
Brice v Stokes [1805] 11 BES 319 and see Underhill and Hayton Law of Trust and Trustees, 15th Edition. p545.
Trusts
Uniform Trust Act Online available at http://www.law.upenn.edu/bll/ulc/uta/trustpol.htm
Brice v Stokes [1805] 11 BES 319 and see Underhill and Hayton Law of Trust and Trustees, 15th Edition. p545.
Trusts
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