Overview

discretionary trust

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accumulation and maintenance settlement

Overview page. Subjects: Law.

A discretionary trust that fulfils three conditions: (1) the terms of the settlement require that beneficiaries obtain an interest in possession at a specified age, not exceeding 25; (2)...

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beneficiary

Overview page. Subjects: Law — Social Sciences.

N.

1 A person entitled to benefit from a trust. The beneficiary holds a beneficial interest in the property of which a trustee holds the legal interest. A beneficiary...

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executory trust

Overview page. Subjects: Law.

A trust in which the general intention of the settlor has been declared but the specific terms and limitations are not completely set out. Such trusts often arise in family settlements...

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express trust

Overview page. Subjects: Law.

A trust created expressly by the settlor, i.e. by stating directly his intention to create a trust. There is no need for formal words provided that the intention to create a trust is clear...

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fixed trust

Overview page. Subjects: Economics — Law.

A form of express trust in which the beneficiaries have completely defined and predetermined interests. Compare discretionary trust.

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interest in possession

Overview page. Subjects: Law.

Despite its crucial importance for inheritance tax, statute does not define an interest in possession. Viscount Dilhorne described it as “A present right of present enjoyment” (Pearson v...

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trading trusts

Overview page. Subjects: Law.

A trust operating a business. For Australian Taxation Office (ATO) purposes, trading trusts are categorised as fixed or non-fixed. Non-fixed trusts include discretionary trusts. Fixed trust...

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trust

Overview page. Subjects: Law — Economics.

1 An arrangement through which one set of people, the trustees, are the legal owners of property which is administered in the interests of another set, the beneficiaries....

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