A trust created for a beneficiary that the grantor believes to be financially irresponsible. A trustee controls the trust income and provides money to the beneficiary on an as needed or instructed basis. The trusts may also contain provisions where creditors cannot seize the trust to satisfy debts of the beneficiary and, in most states, they are legal. … [Read more...]
Search Results for: Grantor
SETTLOR
A person who creates a trust, donating the assets to be managed by a trustee whereby all profits extend tot he beneficiaries. The grantor or donor in a deed of settlement. See grantor. … [Read more...]
ROYALTY
(A) Compensation that is determined by taking a percentage of revenue or sales. Used frequently in the licensing of intellectual property such as patent and copyright. (B) A compulsory payment per statute where a licensee who wishes to use the property must pay a royalty, at the compulsory rate, for its use. Law Dictionary - Alternative Legal Definition A payment reserved by … [Read more...]
REVOCABLE TRUST
A trust which permits a grantor to revoke or take back the trust corpus or a portion of the trust. … [Read more...]
REVOCATION
The recall of some power, authority, or thing granted, or a destroying or making void of some deed that bad existence until the act of revocation made it void. It may be either general, of ail acts and things done before; or special, to revoke a particular thing. 5 Coke, 90. See Wilmington City Ry. Co. v. Wilmington & B. S. Ry. Co., 8 Del. Ch. 468, 46 Atl. 12. Revocation by … [Read more...]