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Purpose trust - Wikipedia, the free encyclopedia
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The purpose of a TRUST is to REPOSITION your valuable assets to an "Artificial Legal Person (Trust)" to protect, hold, and manage your private wealth for the benefit of your heirs.
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A purpose trust is a trust which does not have any beneficiaries and exists for a specific purpose. A purpose trust for charitable purposes would not be valid under the act.
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The purpose of a trust is to ensure that the funds are available and are used as directed by the creator of the trust known as the grantor, trustor, or maker.
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Rather than bear the cost of creating and administering a purpose trust, you could designate that your friend is to receive a $5,000 bequest. Just be sure to select someone you trust, because there's no way to legally ensure the friend uses the money to care for your pet.
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Keywords: trusts and trustees, Trustee Act, purpose, trust, charities, charitable organizations, volunteers, tort, liability, creditor access, debt, wills, estates & life planning, immunity from liability, Christian Brothers case, Trustee Act Modernization Committee Â...
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2.1 The name of this Trust shall be “THE E-GOLD BULLION RESERVE SPECIAL PURPOSE TRUST” or such other name as the Trustees shall from time to time decide and declare by deed.
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A trust is a relationship whereby a party called a trustee holds property, either real or personal, for the benefit of other parties or persons, or for some purpose permitted by law. ... The Purpose of a Trust: ... A trust may be used for a variety of personal, estate, financial, tax and business planning objectives,
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Below is the chapter on wills and trusts that is taken directly from my first book You've Earned It Don't Lose It. This chapter was written with the help of my own trust lawyer Janet L. Dobrovolny. ... What is the main purpose of a revocable trust?
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