In the event that the remaining trust under this instrument is considered unjustified with respect to its size, the agent may terminate the trust agreement and pay the amount to the designated beneficiary of the trust. During the life of a confrere, he can create a trust, whether he creates a living model of trust or another type of trust. However, some trusts do not take effect immediately. Depending on the effectiveness of trust, it is either testamentary trust or living trust. In the event of the death of the licensor, it is the responsibility of the agent to ensure payment of the debt, expenses and taxes of the fiduciary asset. The agent will pay the licensor`s funeral expenses, inheritance tax, legacies and equipment, as well as other legal fees and debts. 1.1 “trust” means the trust created by such Trust Deed and referred to in clause 3. 5.3 settle all or part of the trust fund for one or more beneficiaries. In the event of the licensor`s incapacity for work, the appointed representative shall assume and monitor the licensor in full capacity and faithfully fulfil his obligations in favour of the beneficiaries set out in this Agreement. Trust relates to a type of relationship in which one party assumes responsibility for a property or asset for the benefit of another party. While there are different types of trusts and trusts, all of these elements are essential: a trust agreement is a formal contract in which an “agent” grants one or more “trustees” ownership rights to one or more assets. It is a document that indicates the purpose of the creation of the trust; enforcement that terminates the trust; details of the trust`s assets; the limits and powers of all directors; directors` reporting obligations and other arrangements; and even compensation to directors, if any.
In some cases, the trust agreement sets out all the details of how the agent will use the property. We call this type of agreement a binding trust. However, if the agreement provides that the agent can decide when and how the assets will be distributed to the beneficiaries, we call this type of agreement a discretion trust. . . .