A Blind trust is a trust in which the executors or those who have been given power of attorney have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust. Blind trusts are generally used when a trustor wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Look up trust in Wiktionary, the free dictionary. ... An executor is a person named by a maker of a will to carry out the directions of the will. ... A power of attorney or letter of attorney in common law systems or mandate in civil law systems is an authorization to act on someone elses behalf in a legal or business matter. ... A conflict of interest is a situation in which someone in a position of trust, such as a lawyer, a politician, or an executive or director of a corporation, has competing professional and/or personal interests. ...
Nevertheless, unless the terms of the trust document are incompatible with public policy (creating a trust to advance a criminal enterprise, for example), the governing local law generally allows most trust agreements to be enforced according to their terms.
Typically a trust is created by (1) written instrument (the trust document) signed by both the settlor (who may be the only beneficiary) and the trustee or (2) the last will and testament of the settlor.
In order to qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education, carrying out some religious purpose, etc. The permissible objects are generally set out in legislation, but objects not explicitly set out may also be an object of a charitable trust, by analogy.
Feeds |
Contact