A complete voluntary trust is a fully established and executed legal arrangement where a person (the settlor) transfers their assets to a trustee to manage and distribute to beneficiaries according to the terms of the trust. This type of trust differs from an incomplete or partially executed trust. Complicity refers to involvement in a crime or immoral behaviour with another person, whether by participating in the crime or by aiding someone else in committing it. For example, driving a getaway car for a bank robber would make someone complicit in the crime. The Model Penal Code recognises that someone can be an accomplice even if they did not directly commit the crime themselves.
A complete voluntary trust is a trust that has been fully executed, meaning that all legal requirements have been met and the trust is now in effect. Complicity refers to participating in or being an accomplice to a criminal act. This can involve actively participating in the crime or being aware of it and not reporting it. For example, if someone assists in planning a robbery or provides a getaway car, they are considered complicit in the crime. According to the Model Penal Code, a person can be considered an accomplice even if they did not directly participate in the crime but were legally responsible for the actions of another person who did. For instance, if someone hires a hitman to commit murder, they can be considered complicit in the crime even if they did not physically carry out the act themselves.
A complete voluntary trust is a legal arrangement where a person (the settlor) transfers their assets to a trustee, who then manages and distributes those assets according to the instructions provided by the settlor. It is called “complete” because the settlor fully transfers ownership and control of the assets to the trustee.
Unlike other types of trusts, a complete voluntary trust does not require any consideration or benefit to be provided to the settlor. It is purely a voluntary act on the part of the settlor to transfer their assets to the trust.
Creating a complete voluntary trust can provide various benefits, such as asset protection, estate planning, and tax planning. It allows the settlor to ensure that their assets are managed and distributed according to their wishes, even after their death.
Yes, it is possible for the settlor to also act as the trustee of a complete voluntary trust. However, it is recommended to have a separate trustee to ensure proper administration and avoid any conflicts of interest.
To create a complete voluntary trust, the settlor must have legal capacity, meaning they must be of sound mind and at least 18 years old. Additionally, the trust agreement must be in writing and signed by the settlor.
In most cases, yes. The settlor usually has the power to amend or revoke the trust agreement as long as they are still alive and have legal capacity. However, it is important to review the trust agreement and consult with an attorney to ensure any changes are made properly.
Upon the settlor’s death, the assets in the complete voluntary trust are distributed according to the instructions provided in the trust agreement. This can include transferring the assets to beneficiaries or continuing to manage them for a specified period.
In general, creditors cannot access the assets in a complete voluntary trust. Since the settlor has fully transferred ownership and control of the assets to the trustee, they are no longer considered the settlor’s personal property and are protected from creditors’ claims.
The tax implications of a complete voluntary trust can vary depending on the jurisdiction and the specific circumstances. It is advisable to consult with a tax professional or attorney to understand the potential tax consequences and plan accordingly.
Yes, a complete voluntary trust can be challenged in court under certain circumstances, such as if there is evidence of fraud, undue influence, or lack of capacity on the part of the settlor. It is important to ensure that the trust is properly executed and the settlor’s intentions are clearly documented to minimize the risk of legal challenges.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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