trust instrument

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A deed under which property is vested in trustees upon trust to apply it for the benefit of the beneficiaries specified in the deed. In the case of settled land, the trust instrument appoints the trustees of the settlement, sets out the interests to which the beneficiaries are entitled and any powers conferred in extension of those contained in the Settled Land Act 1925, and bears any ad valorem stamp duty payable in respect of the settlement. A will admitted to probate may also act as a trust instrument.

Subjects: Law.

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