What is the head of a trust called?

What is the head of a trust called?

The grantor (also called the settlor, trustor, creator, or trustmaker) is the person who creates the trust. Married couples who set up one trust together are co-grantors of their trust. Only the grantor(s) can make changes to the trust. The trustee manages the assets that are in the trust.

What is a trust joint?

A Joint Trust is a single Trust document that covers both spouses and offers provisions for what happens upon the death of each. Joint Trusts can: be easier to create and manage in a Community Property State. avoid the complexities of splitting community property into separate parts that must be held in separate Trusts.

Can a married couple have a joint trust?

Couples wishing to keep their marital estate as a single unit should consider a joint trust. A joint trust gives the surviving spouse more flexibility to use all of the assets of the trust after the death of the first spouse.

Can a trust account be joint?

Trusts can be both single and joint. Joint trusts are particularly useful in community property states, such as Arizona, California, Nevada, Idaho, New Mexico, Louisiana, Texas, Washington, and Wisconsin.

How do joint trusts work?

A joint revocable trust is a single trust document that two persons establish to hold title to assets which they typically own together as a married couple. While both spouses are alive and competent, they both retain full control of the trust assets and can change the trust at any time.

What happens to a joint trust when one spouse dies?

When one spouse dies, the joint trust will continue to operate for the benefit of the surviving spouse as a “Survivor’s Trust.” Then, the trust property will be divided among the remaining heirs. If the remaining heirs are children, the trustee may continue to manage the money for the children and other descendants.

How are trustees jointly liable in a trust?

In general trustees are under a duty to act jointly and have authority to act individually only if the trust instrument so provides. In principle therefore each trustee has an equal say in the management of the trust property and therefore in the event of a breach the trustees are jointly and severally liable for their actions.

Who are the Executive Directors of the trust?

There are 12 executive directors who make up our senior management group and who are responsible for the operational performance of the trust. Five of our executive directors are able to vote at trust board meetings (our joint Medical Directors have one vote between them and so do our joint Chief Operating Officers).

Who are the board members of Great Ormond Street Hospital Trust?

Dr Ruth Charlton, Deputy Chief Executive and Joint Medical Director, Board member Dr Ruth Charlton is a paediatric consultant with specific interests in renal and respiratory medicine. Having trained in London at hospitals including the Royal Brompton, Great Ormond Street and Guy’s, she has been a consultant with the Trust for over 17 years.

How can a constructive trust be set up?

A ‘true common intention’ to share ownership can be established either from the expressed sentiments of the parties or by their conduct. Lord Bridge stated that a constructive trust can be established where the parties expressly agreed that the ownership of the land was to be shared.

Previous Post Next Post