Sentence examples for settlor of from inspiring English sources

The maker ("settlor") of the trust will convey property to the trustee (who may be an individual or a corporation, such as a bank or trust company) and instruct the trustee to hold and manage the property for the benefit of one or more beneficiaries of the trust.

Subsequent failure cases simply require the redirection of the funds to the nearest possible purpose, since there is no question of allowing the settlor's next of kin to inherit the money.

An early draft of the directive included a requirement that the settlor's letter of wishes and the trust deed also be made public, but this was dropped during the horse-trading in committee.That concession has done little to pacify the trust industry.

Trustees can be guided by a "letter of wishes", which may allow the settlor to control assets even though legally they do not belong to him.

This is decided based on the charitable intention of the settlor, something determined on the facts of each individual case.

Generally speaking, a trustee administers a trust, which Black's Law Dictionary defines as a property interest held by the trustee at another's request (the settlor) for a third party's benefit (beneficiary) according to the trust's terms or those of any relevant will if the trust is created in that document.

Where there is uncertainty for whatever reason, the trust will fail, although the courts have developed ways around this. Constitution means that for the trust to be valid, the property must have been transferred from the settlor to the trustees.

For example, if Article IV allows the Settlor to modify the trust, you will want to say something like "Pursuant to Article IV of the Robinson Family Trust Dated June 2 , 1998 John Robinson, as Settlor, now makes the following amendments".

A successor trustee however, needs to be appointed in case of the death or incapacitation of the Settlor.

Under the amended directive, they would have to register and disclose the identity of the settlor (the person behind the trust), the trustee and beneficiaries.

It is intended that the trust assets will comprise shares in two underlying companies: the holding company of the settlor's Latin American business empire is incorporated as an exempt company in Bermuda; and an IBC [international business corporation] incorporated in [the British Virgin Islands] holding a portfolio of stocks and shares.