It can be an existing trust or a "testamentary" trust, which is created by the deceased owner's will.
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The simplest and most inexpensive way to avoid this situation is to have the policyholder's will create a testamentary trust after the holder's death.
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Most parents of minor children — and even those of adult children — see the wisdom in directing their assets and life insurance proceeds to a testamentary trust with rules for distribution that they write.
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Due to the potential problems, lawyers often advise that a revocable living trust or inter vivos trust be created instead of a testamentary trust. However, a testamentary trust may be a better solution if the expected estate is small compared to potential life-insurance settlement amounts.
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A will may also create a testamentary trust that is effective only after the death of the testator.
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A trust can be intentionally created during the settlor's life (inter Vivos) by declaration or transfer.. A deceased estate is a testamentary trust which automatically arises on the death of the testator. Courts may also create trusts, such as constructive trusts, as an equitable remedy.
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Retrieved June 30, 2015. The Nemours Mansion and Gardens in Wilmington, Delaware is also owned and operated by the Nemours Foundation. The foundation is the primary beneficiary of the Alfred I. duPont Testamentary Trust, which had a value of $4.6 billion in early 2009.Patterson, Steve (January 29, 2009).
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In February 2015, Probate Court Judge Tom Rickhoff named former San Antonio Mayor Phil Hardberger and attorney Art Bayern as co-executors of the testamentary trust of Shirley L. Benson. The two replaced Benson as trustees of the estate. On June 18, 2015, a judge found him competent. On February 19, 2016, Judge Rickhoff approved the appointment of Renee Benson, Benson's estranged adopted daughter, as administrator of the $1 billion Shirley Benson Testamentary Trust, which includes the Lone Star Capital Bank in San Antonio, half of five automobile dealerships, part of a large ranch near Johnson City, Texas, a home at Lake Tahoe, Nevada, an airplane, and cash and other real estate holdings.
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It became of wider interest when the Supreme Court of Ontario ruled in 1989 that the trust assets were not vested in the beneficiary and thus could not be used to terminate government benefit programs. A Henson trust can be established as either a living trust, or a testamentary trust.
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Where an inter vivos or testamentary trust includes immovables, reference must be made to the lex situs on all aspects relating to title and land use. Similarly, title to movables including choses in action, should be determined by lex situs, i.e. the law of place where each item is located at the time the trust is created. Once created, all questions of administration are governed by the law specified in the trust instrument.
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The Portia Geach Memorial Award is an annual prize for Australian female portraitists. The Award was established in 1961 as a testamentary trust by Florence Kate Geach, sister of Australian painter Portia Geach, with an initial endowment of AU£12,000. The first prize given under the aegis of the Award was made in 1965, comprising a £1,000 prize to Jean Appleton for a self- portrait. In 2015, the Award was worth A$30,000.
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Although the aforementioned George Foster Peabody also contributed to funds used to build Peabody Hall, the building is actually named after George Peabody who in an 1869 testamentary trust created a $2.25-million fund to benefit several universities in the South. The University of Georgia combined $40,000 from this fund with other contributions to construct Peabody Hall which houses the Departments of Religion and Philosophy and the Institute of Native American Studies.
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The Alfred I. duPont Testamentary Trust is a non-profit organization created by philanthropist Alfred Irénée du Pont in 1935, devoted to supporting the trust's sole charitable beneficiary, the Nemours Foundation. As of December 31, 2008, the trust's value was $3.25 billion. At the end of January 2009, it had improved to $4.6 billion, but was still down from $5.5 billion in 2007. The organization's official website states it oversees approximately $5 billion in assets.
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Herb Peyton was a trustee of the Alfred I. duPont Testamentary Trust since January 18, 1995 to January 31, 2017. He also serves on the Nemours Foundation Board of Directors.Alfred DuPont Trust website: Trustees. Peyton was elected as a director of Florida East Coast Industries and St. Joe Company in December 2000 and provided the benefit of his experience through 2004, when he retired from both boards.Barton, Susanna: "Peyton joins FECI board", Jacksonville Business Journal, December 5, 2000.
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Longswamp was given to Judge Smith's seventh son, William, in 1790. On July 8, 1817, Longswamp was handed down to William Smith's son, William Sydney Smith, who changed the name to Longwood. Throughout the following time, Manor St. George and Longwood would be divided many times as parts were sold and parts were divided amongst children of the Smiths. In 1955, Manor St. George was set up in a testamentary trust by Eugenie Annie Tangier Smith.
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Later, other forms of unconditional fideicommissa came to be recognised, such as the fideicommissum in diem and the fideicommissum sub modo. With the gradual assimilation of the rules relating to fideicommissa and legacies, the fideicommissum purum lost its original purpose. Its application in Roman-Dutch law was apparently extremely rare. In Estate Kemp v McDonald's Trustee, however, Innes CJ used the concept of fideicommissum purum in an attempt to explain the juristic nature of a testamentary trust in South African law.
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The proposition is also almost universally rejected in the rest of the common law world and has been refuted by several Commonwealth scholars. For a summary of the reasons why, see, e.g., Ming Wai Lau, The Economic Structure of Trusts: Towards a Property- Based Approach 25-6 (OUP 2011). Virtually all trusts are made in written form, either through an inter vivos or "living trust" instrument (created while the settlor is living) or in a will (which creates a testamentary trust).
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Under Anthony N. Brady's will, a sixth of his estate would be held in trust for his granddaughter until she turned 21. During this period, her father would receive some of the income on this principal—in other words, he held an income interest in a testamentary trust for 15 years, with the remainder to his daughter. The Collector viewed these payments as income, because they constituted the income on principal. Plaintiff argued they were exempt under §102(a) as property acquired by bequest.
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In February 2015, Probate Court judge Tom Rickhoff named Hardberger and attorney Art Bayern as co- executors of the testamentary trust of Shirley L. Benson, late wife of the billionaire businessman Tom Benson. The two replace Benson as trustees of the estate. Benson's estranged adopted daughter, Renee Benson, and her two adult children are seeking to prevent changes to Shirley Benson's trust. She maintains that her father, the owner of the New Orleans Saints and San Antonio Mercedes-Benz, has grown incapable of handling his financial affairs.
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The company didn't fully emerge from bankruptcy until January 1, 1961. Edward Edward Ball, Chairman of the Alfred I. duPont Testamentary Trust, had been purchasing the bankrupt company's bonds during the Depression through the trust's St. Joe Paper Company, and was awarded majority ownership in 1961. Later in 1961, shortly after taking over, the FEC and all other American railroads were notified by their non-operating unions that they expected a substantial hourly increase to go into effect at the end of the year.
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Alfred I. duPont Testamentary Trust: About Alfred I. duPont (1864-1935) duPont established his main business industry in Jacksonville, with most of his $34 million assets being transferred to his newly formed Almours Securities, Inc. Ball also moved to Florida, and duPont and Ball expanded their business interests in the area, acquiring substantial real estate and buying into Florida National Bank. In 1935, Ball duPont became the director of that bank. Meanwhile, Ball duPont also undertook the preservation of Stratford Hall Plantation, where Confederate General Robert E. Lee had been born.
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A Qualified Subchapter S Trust, commonly referred to as a QSST Election, or a Q-Sub election, is a Qualified Subchapter S Subsidiary Election made on behalf of a trust that retains ownership as the shareholder of an S corporation, a corporation in the United States which votes to be taxed. A trust is eligible to hold S corporation stock if it is a Subpart E trust ("grantor trust"), a testamentary trust, a voting trust, a qualified Subchapter S trust ("QSST"), or an electing small business trust ("ESBT").
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In law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts).
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The Alfred I. duPont Testamentary Trust was created as per Alfred I. du Pont's will after his death in 1935. At the time, du Pont's assets included seven Florida National Banks, significant landholdings in Northwest Florida, E. I du Pont de Nemours Company shares, and the Nemours and Epping Forest estates. The value of the assets was approximately $40 million (equivalent to approximately $1.72 billion in 2014). The duPont Trustees, specifically du Pont's brother-in-law Edward Ball, created the St. Joe Paper Company and began operating a paper mill in 1938.
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After the death of its founder James Wilson in 1850, The Economist was held in testamentary trust for his six daughters and their dependents. The eldest, Mrs Bagehot, whose husband Walter was editor at the time of Wilson's death, maintained a close personal interest in the paper until her death in 1921. Subsequently the Wilson trustees were concerned whether surviving beneficiaries would keep touch with the paper's direction, as further deaths formed subsidiary trusts over time. So in 1928 the Wilson Trust decided to sell the paper, whilst creating a structure intended to maintain its reputation for 'independent judgment and unfettered criticism'.
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Inter vivos (Latin, between the living) is a legal term referring to a transfer or gift made during one's lifetime, as opposed to a testamentary transfer (a gift that takes effect on death) under the subject of trust. The term is often used to describe a trust established during one's lifetime, i.e., an Inter vivos trust as opposed to a Testamentary trust which is established on one's death, usually as part of a will. An Inter vivos trust is often used synonymously with the more common term Living trust, but an Inter vivos trust, by definition, includes both revocable and irrevocable trusts.
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In accordance with the Will of the first Rajah, Sir James Brooke, the line of succession to the 'sovereignty of Sarawak and all the rights and privileges whatsoever thereto belonging,' was to the heirs male lawfully begotten of the Rajah's nephew Charles Anthony Johnson Brooke. Charles inherited under the Will in 1868, and confirmed the succession in his own will of 1913. On his accession in 1918, his son Vyner (later Sir Charles Vyner Brooke, Rajah of Sarawak) swore to uphold the Will 'as forming the constitution of the state'. This unique testamentary trust became known as 'The Sarawak Sovereignty Trust'.
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A trust may be created by will or by an act inter vivos. A testamentary trust is constituted when a testator bequeaths property to one person, called a ‘trustee’ or an ‘administrator’, with an instruction to administer it for the benefit of another person or other persons appointed by the will, or for an impersonal object or purpose (the so-called charitable trust). The essential feature of a trust is the separation of the ownership or control of property from the beneficial enjoyment thereof. The trustee acquires no beneficial interest in the property, acting merely as a conduit pipe in carrying out the dispositions in favour of the beneficiary.
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A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. It is sometimes referred to as a family trust in Australia or New Zealand. Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents.
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Alfred I. duPont Testamentary Trust Headquarters For many years, the trust shared a building with the Nemours Foundation on Jacksonville's Southside. The new headquarters of the trust is a 40,000 ft², five-floor building on the St. Johns riverfront in Jacksonville, Florida which was scheduled to open October 1, 2008. General contractor Elkins Constructors began work on the trust's new home on July 17, 2007; noted architect Graham Gund contributed to the design as a green building according to LEED standards for environmentally sustainable construction developed by the United States Green Building Council. The most outstanding aspect of the $20 million structure is its ability to conserve.
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Flagler Global Logistics can trace its roots back to the original railroad and land development company founded by Henry M. Flagler in 1892. Flagler, who helped found Standard Oil, saw Florida's tourism potential and built a network of rail lines, depots, and associated infrastructure that eventually extended all the way from Jacksonville to Key West. As Florida's east coast was still lightly-settled, Flagler was able to obtain wide swaths of land up and down the coast, including large tracts of property in what became Miami. After a long bankruptcy that began in 1931, Florida East Coast Railway was purchased by the Alfred I. duPont Testamentary Trust and operated as part of the St. Joe Company.
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Alfred Irénée du Pont (May 12, 1864 - April 28, 1935) was an American industrialist, financier, philanthropist and a member of the influential Du Pont family. Alfred du Pont first rose to prominence through his work in his family's Delaware-based gunpowder manufacturing plant, E. I. du Pont de Nemours and Company (now known as DuPont), in which for many years he served as a director of the board and Vice President of operations. Following an acrimonious departure and a brief dip in personal fortunes, he embarked on business of his own, investing in land and banking in Florida. He died a multimillionaire, with the bulk of his fortune sustaining the Alfred I. duPont Testamentary Trust.
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Martha Dickinson Bianchi, their only surviving child, continued to live in the house, and preserved it, without change, until her own death in 1943. Her heirs – co-editor Alfred Leete Hampson, and later his widow, Mary Landis Hampson – continued to preserve the house as a "time capsule" of a prosperous nineteenth-century household in a New England town, recognizing the tremendous historical and literary significance of a site left completely intact. In 1991, The Evergreens passed to a private testamentary trust, the Martha Dickinson Bianchi Trust, which began developing the house as a museum. The trust's work led to discussions with the college over collaboration between the two on administration of their respective properties.
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Jessie selected the furnishings; Alfred designed the formal English gardens and lion'smo head fountain. The estate was named in honor of Mary Ball Washington, George Washington's mother and Jessie's ancestor, whose Virginia plantation bore the same name.Alfred I. duPont Testamentary Trust: About Alfred I. duPont (1864-1935) The duPonts estate hosted U.S. presidents, powerful men (Vanderbilt, Carnegie, etc.) and kings.Filaroski, P. Douglas: "Historical elegance preserved" Florida Times- Union, May 1, 1999 Florida times-Union may 1 1999 After Jessie Ball duPont died in 1970, Edward Ball, who was Jessie's brother, sold the property to his close friend and local businessman Raymond K. Mason, CEO of the Charter Company, who used the property as his family residence until 1984.
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The company came under ownership of Alfred I. du Pont in 1933, along with the entire town of Port St. Joe. The railroad's largest customer, the St. Joe Paper Company mill in Port St. Joe, was owned by the Alfred I. duPont Testamentary Trust from 1936 to 1996.Humanities & Social Sciences Online: Green Empire: The St. Joe Company and the Remaking of Florida's Panhandle by Kathryn Ziewitz and June Wiaz-2004 On September 30, 1940, Edward Ball, who managed the du Pont trust properties, transferred control of the railroad to the St. Joe Paper Company. When the paper company was sold in 1996, ownership of the railroad was returned to the St. Joe Company.
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On April 29, 1935, Alfred duPont died, leaving Ball duPont as his primary beneficiary. He also established a substantial trust which Ball duPont administered, along with her brother and duPont's son-in-law, Elbert Dent.New York Times: March 11, 1979-Ed Ball at 91: Embattled, Implacable; The Millionaire Du Pont Trustee Faces Law Suits by Jon Nordheimer She served as president of two of the organizations set up by the trust, the Nemours Foundation and the Alfred I. duPont Testamentary Trust. She also sat on the boards at the Alfred I. duPont Institute for Crippled Children at Nemours and the St. Joe Paper Company in Jacksonville, serving as Chairman at the latter.
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Bill Stetson serves as a Trustee and Governor for the Smith Richardson Foundation (SRF).Smith Richardson Foundation Created in 1935, the SRF's mission is to contribute to important public debates and to help address both domestic and international public policy challenges. With its endowment of over $800 million, the SRF remains one of the most prominent domestic and foreign policy funders, awarding grants to major think tanks and university research centers across the United States. Stetson also is a Trustee to the Grace Jones Richardson Trust, which make grants in the areas of arts, education, and health & human services, and the H. Smith Richardson Testamentary Trust, which controls significant assets including of protected land in the North Carolina's Blue Ridge Mountains.
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A constructive trust is a trust implied by law to work out justice between the parties, regardless of their intentions. Common ways in which a trust is created include: # a written trust instrument created by the settlor and signed by both the settlor and the trustees (often referred to as an inter vivos or living trust); # an oral declaration or promise;See for example T Choithram International SA and others v Pagarani and others [2001] 2 All ER 492 # the will of a decedent, usually called a testamentary trust; or # a court order (for example in family proceedings). In some jurisdictions, certain types of assets may not be the subject of a trust without a written document.For example, in England, trusts over land must be evidenced in writing under s.
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A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary. A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; in the United States, a trust is presumed to be irrevocable unless the instrument or will creating it states it is revocable, except in California, Oklahoma and Texas, in which trusts are presumed to be revocable until the instrument or will creating them states they are irrevocable.
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The land was soon purchased by the Alfred I. duPont Testamentary Trust at the request of Jessie Ball duPont, a garden club member, and was donated to the city of Jacksonville in 1964 with the stipulation that it be used "only for a public park, one of the purposes of which is to preserve the ancient oak commonly known as the Treaty Oak for the benefit and enjoyment of the general public".Friendship Fountain website: Treaty Oak info The city acquired additional property now included in the park, and the preserve was named in honor of Jessie Ball duPont, an ardent philanthropist and part-time Jacksonville resident, after her death in 1970. It is ironic that the smallest nature park in Jacksonville has the largest tree. The park contains paved walkpaths, a score of benches, a handful of picnic tables and informational plaques.
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The Manor St. George as sketched by Benjamin Tallmadge during the Revolutionary War Manor St. George or St. George's Manor was a large tract of land purchased by William "Tangier" Smith in the 17th century on Long Island, in central Suffolk County, New York. Parts of the original parcel, which was approximately of land, are preserved in bits and pieces: 127 acres (0.51 km²) and the main house and buildings are called the Manor of St. George and located in Shirley; 35 acres (0.14 km²) and another house are called the Longwood Estate and located in Ridge; and 35 acres (0.14 km²) became part of the William Floyd Estate. The Museum Manor of St. George is in a testamentary trust set up underneath the last will and testament of the late Eugenie A.T. Smith. The management of the manor rest with the trustees.
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When du Pont died in 1935 in Jacksonville, Florida at age 70, his estate was valued at over $56 million, which, after estate taxes of $30 million, left $26 million. The vast majority of his fortune was left in testamentary trust with Jessie named as the principal trustee with complete discretion regarding use of any money, but in reality, she deferred business decisions to her brother, who took control of the assets, which included the large Florida landholdings of the St. Joe Company and industrial interests, including the Florida East Coast Railway.University of Florida Smathers Libraries: Special and Area Studies Collections-Edward Ball Papers Jessie preferred to handle the philanthropic activities of the trust while Edward concentrated on making money. The fortune did not become a charitable trust until Jessie's death in 1970, which explains why $30 million in estate taxes were paid in 1935.
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They play an important social role in Southern Africa, particularly for single-parent and child-led households, allowing minor children to stand a better chance of completing their education if their assets are managed in a beneficiary fund vehicle which is protected under the Pension Funds Act and overseen by a board of trustees. Any retirement fund member, regardless of their level of financial sophistication, can consider the use of a benefiiciary fund in estate planning as an alternative to a testamentary trust, by stipulating on their pension fund nomination form that the trustees consider the use of a beneficiary fund in the event of their death. Traditionally, beneficiary funds were regarded as a vehicle for children’s assets but the concept has evolved to become more relevant and attractive to a broader market from a tax savings point of view. The education aspect has remained a dominant benefit of beneficiary funds however, allowing the payment of a monthly income to finance a child’s entire education through to tertiary level and beyond.
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