What is trustee under instrument?
A trustee is appointed in the trust instrument (such as a trust deed or a will) or by the Court. Under the Trustee Act 1925 (the Act), a trustee by definition includes a Court appointed executor or administrator.
What are the two schedules of a trust instrument?
Most trust instruments will then also have two schedules: a schedule setting out the powers of the trustees (often in addition to any powers granted or implied by operation of law) ^ Although not always. It is possible for the deceased to convey property to trustees upon death which perfects a trust. See also secret trusts.
When do you need to use a trust instrument?
Trust instruments are generally only used in relation to an inter vivos trust; testamentary trusts are usually created under a will. Although in most legal systems there are certain formalities associated with settling a trust, most legal systems impose few, if any, structures on the trust instrument itself.
Can a trustee delegate property to a beneficiary?
In a fixed trust, the trustee has no discretion of how to delegate trust property and therefore the class of beneficiaries must be known or else the trust will fail. Objects here may be described as a class for example “my children”.
Can a trust be created by an oral declaration?
Specifically in the case of unit trusts and inter-vivos trusts, these cannot be created by an oral declaration. Both of them are generally created by a written instrument. A unilateral declaration refers to a declaration made in writing stating; who is the trustee, the terms of the trust and information on the beneficiaries.
What kind of document is a trust instrument?
A trust instrument is the document that sets out in writing the authority, duties, and rights of the parties involved. The instrument may also be known as an agreement, indenture, declaration, or deed. In the case of a testamentary trust, for example, the trust instrument is the decedent’s will.
Most trust instruments will then also have two schedules: a schedule setting out the powers of the trustees (often in addition to any powers granted or implied by operation of law) ^ Although not always. It is possible for the deceased to convey property to trustees upon death which perfects a trust. See also secret trusts.
Where does the money go in a trust instrument?
Not only are they invariably always executed under seal as a deed, but frequently the initial trust fund (usually a nominal amount), will actually be physically affixed to the trust instrument itself to prove that the initial trust property was transferred.
Can a personal trust be set up by a grantor?
Under Agreement (U/A) meaning the grantor and the trustee are different persons and the trustee controls the trust assets. A personal trust can also be set up by the grantor to be irrevocable or revocable.