Irrevocable Trust - Law Dictionary Search Results

Home Dictionary Name: irrevocable trust

irrevocable trust

irrevocable trust see trust ...

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

Declaration of trust

Declaration of trust. To prevent the inconvenience which arose from parol declarations and secret transfers of uses, s. 53 of the (English) Law of Property Act, 1925, reproducing and amending the (English) Statute of Frauds (29 Car. 2, c. 3), ss. 7, 8 and 9, requires that a declaration of trust respecting any land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust, or by his will, and (1) a disposition of an equitable interest or trust, subsisting at the time of the disposition, must be in writing signed by the person disposing of the same or by his agent thereunto lawfully authorized in writing or by will; (2) this section does not affect the creation of resulting, implied or constructive trusts.It appears that this statute does not extend to the declaration or creation of trusts of mere personalty. But in practice, a parol declaration should never be relied on, for the intention to declare a trust should be ir...

Irrevocable

Irrevocable, incapable of being revoked; powers of appointment are sometimes executed so as to be irrevocable (see POWERS OF APPOINTMENT); no will is ever irrevocable. A contract not to revoke a will is valid, for breach of which an action will lie, but the covenant is not specifically enforceable, Robinson v. Ommanney, (1882) 23 CD 285....

Irrevocability

The state or quality of being irrevocable irrevocableness...

Irrevocable

Incapable of being recalled or revoked unchangeable irreversible unalterable as an irrevocable promise or decree irrevocable fate...

Trust

Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...

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Irrevocable Trust - Law Dictionary Search Results