The person who has the power to appoint or remove trustees and appointors.
A person or entity who receives a benefit from a trust.
This is not a legal term but describes the trustee responsible for the coordination of various arrangements on behalf of a trust administered by Connectworks.
A document signed by one party where other parties sign their own copy of that document and all signed copies are deemed to be a valid and binding document.
A process where documents can be validly signed by electronic means.
A beneficiary who only receives a benefit from a trust where the trustees exercise their discretion to confer such benefit on the beneficiary.
A trust that does not provide for fixed entitlements of the beneficiaries but leaves beneficiary entitlements to the discretion of the trustees.
A trust, usually a discretionary trust, established for the benefit of a family group.
The transfer of asset without consideration.
Memorandum of Wishes (also called Letter of Wishes)
A document prepared by the Settlor establishing their wishes in respect of the administration of a trust. This document usually belongs to the trustees personally and not the trust.
A document recording the operation or administration of a trust.
The collection of minutes resolutions.
The maximum term of the trust. This is governed by the “rule against perpetuities” which provides that a trust cannot last forever. The Perpetuities Act 1964 provides a term of 80 years.
A process pursuant to the trust deed where the trustees establish a new trust for the benefit of a beneficiary or beneficiaries of the existing trust.
The record of a trustee decision.
The person who establishes a trust.
A trust used for the purposes of undertaking commercial activities.
An arrangement in which property is held and managed by a person, people or an entity for the benefit of others.
The document or documents that set and establish the terms of the trust.
A person or entity who holds property for the benefit of the beneficiaries.
The transfer of the trust assets to a beneficiary or beneficiaries in accordance with the trust deed.
The date the trust comes to an end and the trust assets are required to be vested.