1
00:00:00,000 --> 00:00:02,100
Land. 
Trust a private nonprofit 

2
00:00:02,100 --> 00:00:06,300
organization that as all or part
of its Mission actively Works to

3
00:00:06,300 --> 00:00:09,100
conserve Land by undertaking or 
assisting and land or 

4
00:00:09,100 --> 00:00:11,800
conservation easement 
acquisition or by its 

5
00:00:11,800 --> 00:00:14,600
stewardship of such land or 
easements or an agreement 

6
00:00:14,600 --> 00:00:17,600
whereby. 
One party the trustee agrees to 

7
00:00:17,600 --> 00:00:20,600
hold ownership of a piece of 
real property for the benefit of

8
00:00:20,600 --> 00:00:24,100
another party. 
The beneficiary offshore trust 

9
00:00:24,100 --> 00:00:27,200
strictly speaking. 
An offshore trust is a trust 

10
00:00:27,200 --> 00:00:28,600
which is resident in any 
jurisdiction. 

11
00:00:28,600 --> 00:00:31,700
Other than that, In which the 
settlers resident. 

12
00:00:32,000 --> 00:00:34,800
However, the term is more, 
commonly used to describe a 

13
00:00:34,800 --> 00:00:37,200
trust in one of the 
jurisdictions known as offshore 

14
00:00:37,200 --> 00:00:40,700
Financial centres or 
colloquially as tax Havens 

15
00:00:41,200 --> 00:00:44,500
offshore trusts are usually 
conceptually similar to onshore 

16
00:00:44,500 --> 00:00:47,800
trusts in common law countries 
but usually with legislative, 

17
00:00:47,800 --> 00:00:50,600
modifications to make them more 
commercially attractive by 

18
00:00:50,600 --> 00:00:54,400
abolishing or modifying certain 
common law restrictions by 

19
00:00:54,400 --> 00:00:56,900
extension. 
Unsure trust has come to mean 

20
00:00:56,900 --> 00:01:01,200
any trust Resident in a high tax
jurisdiction, Personal injury. 

21
00:01:01,200 --> 00:01:04,800
Trust a personal injury trust is
any form of trust where funds 

22
00:01:04,800 --> 00:01:07,300
are held by Trustees. 
For the benefit of a person who 

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00:01:07,300 --> 00:01:10,100
has suffered an injury and 
funded exclusively by funds. 

24
00:01:10,100 --> 00:01:13,000
Derived from payments made in 
consequence of that injury, 

25
00:01:13,400 --> 00:01:16,700
private and public trusts a 
private trust has one or more 

26
00:01:16,700 --> 00:01:21,000
particular individuals, as its 
beneficiary by contrast, a 

27
00:01:21,000 --> 00:01:23,800
public trust. 
Also, call the charitable trust 

28
00:01:23,900 --> 00:01:27,800
has some charitable and as its 
beneficiary to qualify as a 

29
00:01:27,800 --> 00:01:31,100
charitable trust, the trust must
have As its object certain 

30
00:01:31,100 --> 00:01:34,300
purposes such as alleviating 
poverty providing education 

31
00:01:34,400 --> 00:01:36,900
carrying out some religious 
purpose, Etc. 

32
00:01:36,900 --> 00:01:40,100
The permissible objects are 
generally set out in legislation

33
00:01:40,300 --> 00:01:42,100
but objects not explicitly set 
out. 

34
00:01:42,100 --> 00:01:45,600
May also be an object of a 
charitable trust by analogy. 

35
00:01:46,100 --> 00:01:49,100
Charitable trusts are entitled 
to special treatment under the 

36
00:01:49,100 --> 00:01:53,500
law of trusts and also, beloved,
taxation protective trust here. 

37
00:01:53,500 --> 00:01:56,700
The terminology is different 
between the UK and the USA. 

38
00:01:57,500 --> 00:02:00,000
In the UK. 
A protective trust is a life 

39
00:02:00,000 --> 00:02:02,700
interest that terminates upon 
the happening of a specified 

40
00:02:02,700 --> 00:02:06,600
event such as the bankruptcy of 
the beneficiary or any attempt 

41
00:02:06,600 --> 00:02:09,100
by an individual to dispose of 
their interest. 

42
00:02:09,600 --> 00:02:13,500
They have become comparatively 
rare in the u.s. a protective. 

43
00:02:13,500 --> 00:02:16,500
Trust is a type of trust that 
was devised for use in Estate 

44
00:02:16,500 --> 00:02:18,800
Planning. 
In another jurisdiction, this 

45
00:02:18,800 --> 00:02:21,100
might be thought of as one type 
of asset protection. 

46
00:02:21,100 --> 00:02:25,000
Trust often a person, a wishes 
to leave property to another 

47
00:02:25,000 --> 00:02:27,700
person. 
Be a however, Years, that the 

48
00:02:27,700 --> 00:02:31,000
property might be claimed by 
creditors before a dies and that

49
00:02:31,000 --> 00:02:32,800
therefore be would receive none 
of it. 

50
00:02:33,200 --> 00:02:36,500
I could establish a trust with B
is the beneficiary, but then he 

51
00:02:36,500 --> 00:02:39,600
would not be entitled to use of 
the property before they died. 

52
00:02:40,000 --> 00:02:43,300
Protective trust were developed 
as a solution to this situation.

53
00:02:43,800 --> 00:02:47,200
I would establish a trust with 
both A and B as beneficiaries 

54
00:02:47,300 --> 00:02:50,200
with the trustee instructed to 
allow a use of the property 

55
00:02:50,200 --> 00:02:53,900
until they died and thereafter 
to allow, its use to be the 

56
00:02:53,908 --> 00:02:57,000
property is then safe from being
claimed by Ace creditors. 

57
00:02:57,200 --> 00:02:59,900
At least so long as the debt was
entered into after the trust 

58
00:02:59,900 --> 00:03:03,000
establishment. 
This use of trust is similar to 

59
00:03:03,000 --> 00:03:06,000
life, Estates and remainders and
is frequently used as an 

60
00:03:06,000 --> 00:03:10,200
alternative to them, purpose, 
trust or more accurately 

61
00:03:10,300 --> 00:03:13,300
non-charitable purpose. 
Trust, all charitable, trusts 

62
00:03:13,300 --> 00:03:16,200
are purpose. 
Trusts generally, the law does 

63
00:03:16,200 --> 00:03:18,900
not permit non-charitable. 
Purpose trusts outside of 

64
00:03:18,900 --> 00:03:21,800
certain anomalous exceptions 
which arose under the 18th 

65
00:03:21,800 --> 00:03:24,700
century. 
Common law and arguably quiz 

66
00:03:24,700 --> 00:03:27,100
close trusts certain 
jurisdictions. 

67
00:03:27,300 --> 00:03:30,800
Shannon's principally offshore 
jurisdictions, have enacted, 

68
00:03:30,800 --> 00:03:33,300
legislation validating 
non-charitable purpose. 

69
00:03:33,300 --> 00:03:36,200
Trust generally, Q-tip trust. 
Sure. 

70
00:03:36,200 --> 00:03:40,100
For qualified terminal interest 
property a trust recognized 

71
00:03:40,100 --> 00:03:43,200
under the tax laws of the United
States which qualifies for the 

72
00:03:43,200 --> 00:03:47,400
marital gift exclusion from the 
estate tax resulting trust a 

73
00:03:47,408 --> 00:03:50,200
resulting trust is a form of 
implied, trust which occurs, 

74
00:03:50,200 --> 00:03:54,700
where one, a trust fails wholly,
or in part, as a result of which

75
00:03:54,700 --> 00:03:57,000
the settler becomes entitled to 
the assets. 

76
00:03:57,200 --> 00:04:00,100
Or to a voluntary payment is 
made by a to be in 

77
00:04:00,100 --> 00:04:03,700
circumstances, which do not 
suggest gifting be becomes the 

78
00:04:03,700 --> 00:04:07,500
resulting Trustee of. 
He's payment revocable trust, a 

79
00:04:07,500 --> 00:04:10,700
trust of this kind may be 
amended altered or revoked by 

80
00:04:10,700 --> 00:04:14,100
its settler at any time provided
the settlers not mentally 

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00:04:14,100 --> 00:04:17,100
incapacitated. 
Revocable trusts are becoming 

82
00:04:17,100 --> 00:04:20,100
increasingly common in the US as
a substitute for a will to 

83
00:04:20,100 --> 00:04:23,400
minimize administrative costs 
associated with probate and 

84
00:04:23,400 --> 00:04:25,800
provide centralized 
administration of a person's 

85
00:04:25,800 --> 00:04:28,800
final Affairs after death. 
Secret trust. 

86
00:04:28,800 --> 00:04:31,900
A post-mortem trust constituted 
externally from a whippet 

87
00:04:31,900 --> 00:04:35,100
imposing obligations as a 
trustee on one or more. 

88
00:04:35,300 --> 00:04:39,300
Legatees of a will semi-secret 
trust a trust in which it will 

89
00:04:39,300 --> 00:04:42,900
demonstrates the intention to 
create a trust names, a trustee 

90
00:04:43,000 --> 00:04:45,600
but does not identify the 
intended beneficiary. 

91
00:04:46,200 --> 00:04:49,200
Simple trust in the US 
jurisdiction. 

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00:04:49,200 --> 00:04:52,600
This has two distinct meanings 
in a simple trust. 

93
00:04:52,600 --> 00:04:55,800
The trustee has no active duty 
Beyond conveying the property to

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00:04:55,800 --> 00:04:59,300
the beneficiary at some future 
time, determined by the trust. 

95
00:04:59,700 --> 00:05:01,600
This is also called a bare 
trust. 

96
00:05:02,100 --> 00:05:04,800
All other trusts are special. 
Trust were the trustee has 

97
00:05:04,800 --> 00:05:08,500
active duties Beyond this. 
A simple trust in federal income

98
00:05:08,500 --> 00:05:12,100
tax laws, one in which under the
terms of the trust document. 

99
00:05:12,200 --> 00:05:15,200
All net income must be 
distributed on an annual basis 

100
00:05:15,700 --> 00:05:16,900
in the UK. 
A bearer. 

101
00:05:16,900 --> 00:05:20,000
Simple trust is one where the 
beneficiary has an immediate and

102
00:05:20,000 --> 00:05:22,700
absolute right to both the 
capital income held in the 

103
00:05:22,700 --> 00:05:25,400
trust. 
Bear trusts are commonly used to

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00:05:25,400 --> 00:05:29,200
transfer assets to minors. 
Trustees hold the assets on 

105
00:05:29,200 --> 00:05:33,600
trust until the beneficiaries 18
in England and Wales or 16 in 

106
00:05:33,600 --> 00:05:36,800
Scotland special trust in the 
u.s.a. 

107
00:05:37,000 --> 00:05:40,700
Special trust also called 
complex trust contrast with a 

108
00:05:40,708 --> 00:05:44,900
simple trust, see above it does 
not require the income be paid 

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00:05:44,900 --> 00:05:48,200
out within the subject tax year.
The funds from a complex. 

110
00:05:48,200 --> 00:05:51,500
Trust can also be used to donate
to a charity or for charitable 

111
00:05:51,500 --> 00:05:54,100
purposes. 
Special power of appointment, 

112
00:05:54,100 --> 00:05:57,000
trust SP a trust, a trust 
implementing. 

113
00:05:57,000 --> 00:06:00,000
A Special power of appointment 
to provide asset protection 

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00:06:00,000 --> 00:06:03,700
features spendthrift trust. 
It is a trust, put into place 

115
00:06:03,700 --> 00:06:06,300
for the benefit of a person who 
is unable to control their 

116
00:06:06,300 --> 00:06:08,900
spending. 
It gives the trustee the power 

117
00:06:08,900 --> 00:06:11,800
to decide how the trust funds 
may be spent for the benefit of 

118
00:06:11,800 --> 00:06:15,100
the beneficiary. 
Standby trust or pour-over. 

119
00:06:15,100 --> 00:06:18,600
Trust the trust is empty a 
creation during life and the 

120
00:06:18,600 --> 00:06:21,100
will transfer the property into 
the trust at death. 

121
00:06:21,600 --> 00:06:24,900
This is a statutory trust 
statutory business. 

122
00:06:24,900 --> 00:06:28,000
Trust a trust created pursuant 
to State's business. 

123
00:06:28,000 --> 00:06:31,800
Trust statute used primarily for
commercial purposes, two 

124
00:06:31,800 --> 00:06:34,100
prominent variants of statutory 
business. 

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00:06:34,100 --> 00:06:37,400
Trusts are Delaware statutory 
trusts and Massachusetts 

126
00:06:37,400 --> 00:06:41,400
business trusts the uniform law 
commission, promulgated a final 

127
00:06:41,400 --> 00:06:45,800
amended draft of the uniform. 
Statutory entity act 2009 in 

128
00:06:45,800 --> 00:06:50,400
2013 as of January 24th 2017. 
No states. 

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00:06:50,400 --> 00:06:54,100
Have adopted the uniform, 
statutory entity Act of 2009 

130
00:06:54,500 --> 00:06:56,900
testamentary, trust or will 
trust? 

131
00:06:57,100 --> 00:07:00,300
A trust created in individuals, 
will is called a testamentary 

132
00:07:00,300 --> 00:07:04,000
trust because it will can become
effective only upon death a 

133
00:07:04,000 --> 00:07:06,700
testamentary. 
Trust is generally created at a 

134
00:07:06,700 --> 00:07:09,600
following the date of the 
settlers death unit. 

135
00:07:09,600 --> 00:07:12,600
Trust a trust were the 
beneficiaries called Unit 

136
00:07:12,600 --> 00:07:16,300
holders, each possess a certain 
share called units and can 

137
00:07:16,300 --> 00:07:18,800
direct the trustee to pay money 
to them out of the trust 

138
00:07:18,800 --> 00:07:20,400
property. 
According to the number of 

139
00:07:20,400 --> 00:07:24,000
units, they possess a unit trust
is a vehicle for Collective 

140
00:07:24,000 --> 00:07:27,600
investment rather than 
disposition as the Who gives the

141
00:07:27,600 --> 00:07:31,300
property to the trustees. 
Also the beneficiary, country 

142
00:07:31,300 --> 00:07:35,400
specific variations while trusts
originated in England and 

143
00:07:35,400 --> 00:07:38,700
therefore English trust law has 
had a significant influence, 

144
00:07:38,800 --> 00:07:41,800
particularly among common law, 
legal systems, such as those of 

145
00:07:41,808 --> 00:07:43,900
the Commonwealth or the United 
States. 

146
00:07:44,000 --> 00:07:47,900
The impact of trust law has been
widened buried even under common

147
00:07:47,900 --> 00:07:50,500
law systems. 
The basic notion of a trust has 

148
00:07:50,500 --> 00:07:54,300
been implemented in strikingly 
different ways, trust law, and 

149
00:07:54,300 --> 00:07:57,300
civil law jurisdictions 
generally including Tighten 

150
00:07:57,300 --> 00:08:00,700
until Europe only exists in a 
limited number of jurisdictions,

151
00:08:00,700 --> 00:08:03,700
for example, Curacao 
Liechtenstein and Sint Maarten. 

152
00:08:04,200 --> 00:08:07,100
The trust May, however, be 
recognized as an instrument of 

153
00:08:07,100 --> 00:08:09,400
foreign law in conflict of laws 
cases. 

154
00:08:09,600 --> 00:08:13,300
For example, within the Brussels
regime, Europe and the parties 

155
00:08:13,300 --> 00:08:16,700
to the Hague trust convention 
tax avoidance, concerns have 

156
00:08:16,700 --> 00:08:18,600
historically. 
Been one of the reasons that 

157
00:08:18,600 --> 00:08:21,700
European countries with a civil 
law system have been reluctant 

158
00:08:21,700 --> 00:08:26,000
to adopt trusts United States in
the United States. 

159
00:08:26,100 --> 00:08:29,400
A trust is To be a revocable. 
Unless the instrument or will 

160
00:08:29,400 --> 00:08:32,000
creating it states, it is 
revocable except in 

161
00:08:32,000 --> 00:08:35,400
Pennsylvania, California. 
Oklahoma, and Texas. 

162
00:08:35,600 --> 00:08:38,799
And any other state that has 
adopted section 602 of the 

163
00:08:38,808 --> 00:08:41,799
uniform, trust code in which 
trusts are presumed to be 

164
00:08:41,799 --> 00:08:43,900
revocable. 
Unless the instrument or will 

165
00:08:43,900 --> 00:08:47,100
creating them States. 
They are revocable in the United

166
00:08:47,100 --> 00:08:50,800
States state law variable from 
state-to-state governs. 

167
00:08:50,800 --> 00:08:55,000
Trusts many states have adopted 
the uniform trust code and there

168
00:08:55,000 --> 00:08:57,900
are also broad similarities 
amongst Dates common law of 

169
00:08:57,900 --> 00:09:00,000
trusts. 
These similarities are 

170
00:09:00,000 --> 00:09:02,800
summarized in the restatements 
of the law such as the 

171
00:09:02,800 --> 00:09:09,100
restatement of trusts 3rd. 2003 
- 08 additionally as a practical

172
00:09:09,100 --> 00:09:11,000
matter federal law 
consideration. 

173
00:09:11,000 --> 00:09:13,600
Such as federal taxes 
administered by the Internal 

174
00:09:13,600 --> 00:09:16,900
Revenue Service, may affect the 
structure and creation of trusts

175
00:09:17,300 --> 00:09:20,100
in the United States. 
The tax law allows trust to be 

176
00:09:20,100 --> 00:09:23,300
taxed as corporations 
Partnerships or not at all, 

177
00:09:23,300 --> 00:09:26,500
depending on the circumstances. 
Although trust may be used for 

178
00:09:26,500 --> 00:09:30,300
tax avoidance, In certain 
situations, for example, the 

179
00:09:30,300 --> 00:09:34,200
trust Preferred Securities, a 
hybrid debt, and Equity security

180
00:09:34,200 --> 00:09:37,300
with favorable tax treatment, 
which is treated as regulatory 

181
00:09:37,300 --> 00:09:41,000
capital on banks balance sheets,
the Dodd-Frank Wall Street 

182
00:09:41,000 --> 00:09:44,200
reform and consumer protection. 
Act changed this somewhat by not

183
00:09:44,200 --> 00:09:48,000
allowing these assets to be a 
part of large Banks, regulatory 

184
00:09:48,000 --> 00:09:52,200
Capital estate planning living 
trusts as opposed to 

185
00:09:52,200 --> 00:09:56,900
testamentary will trust, may 
help a trust or avoid probate of

186
00:09:57,100 --> 00:10:00,500
Avoiding probate May save costs 
and maintain privacy and living 

187
00:10:00,500 --> 00:10:04,500
trusts have become very popular.
Probate is potentially costly 

188
00:10:04,600 --> 00:10:07,200
and probate records are 
available to the public while 

189
00:10:07,200 --> 00:10:10,400
distribution through a trust is 
private both living. 

190
00:10:10,400 --> 00:10:13,200
Trusts and wills can also be 
used to plan for unforeseen 

191
00:10:13,200 --> 00:10:16,700
circumstances such as incapacity
were disability by giving 

192
00:10:16,700 --> 00:10:20,200
discretionary powers to the 
trustee or executor of the will 

193
00:10:20,600 --> 00:10:23,500
negative aspects of using a 
living trust as opposed to a 

194
00:10:23,500 --> 00:10:26,500
will and probate include 
upfront, legal expenses, the 

195
00:10:26,500 --> 00:10:30,300
expense of Trust Administration 
and a lack of certain safeguards

196
00:10:30,700 --> 00:10:33,600
the cost of the trust. 
Maybe 1% of the estate per year 

197
00:10:33,600 --> 00:10:37,400
versus the one-time probate cost
of 1 to 4 percent for probate 

198
00:10:37,400 --> 00:10:40,600
which applies whether or not. 
There's a drafted will unlike 

199
00:10:40,600 --> 00:10:43,800
trusts Wills must be signed by 
two to three Witnesses. 

200
00:10:44,000 --> 00:10:46,600
The number depending on the law 
of the jurisdiction in which the

201
00:10:46,600 --> 00:10:49,800
will is executed legal 
protections, that apply to 

202
00:10:49,800 --> 00:10:51,900
probate. 
But do not automatically apply 

203
00:10:51,900 --> 00:10:54,500
to trusts include Provisions. 
That protect the decedent's 

204
00:10:54,500 --> 00:10:57,400
assets for mismanagement or 
embezzlement such as 

205
00:10:57,400 --> 00:11:00,100
requirements of bonding 
insurance and itemized 

206
00:11:00,100 --> 00:11:04,800
accountings of probate assets. 
Estate, tax effect, living trust

207
00:11:04,800 --> 00:11:08,700
generally do not shelter assets 
from the US federal estate tax. 

208
00:11:09,200 --> 00:11:12,600
Married couples May, however, 
effectively, double the estate 

209
00:11:12,600 --> 00:11:15,400
tax exemption amount by setting 
up the trust with a formula 

210
00:11:15,400 --> 00:11:19,100
cause for a living trust. 
The grantor May retain some 

211
00:11:19,100 --> 00:11:22,100
level of control to the trust 
such as by appointment as 

212
00:11:22,100 --> 00:11:25,000
protector under the trust 
instrument living. 

213
00:11:25,000 --> 00:11:28,400
Trust also in Practical terms. 
Tend to be driven to large 

214
00:11:28,400 --> 00:11:32,400
extent by tax considerations. 
If a living trust fails, the 

215
00:11:32,400 --> 00:11:35,700
property will usually be held 
for the grantor, or settler and 

216
00:11:35,700 --> 00:11:39,500
resulting trusts, which in some 
notable cases has had high tax, 

217
00:11:39,500 --> 00:11:43,300
consequences, England, and Wales
history. 

218
00:11:43,800 --> 00:11:46,900
As noted above the English, 
trust arose from the court of 

219
00:11:46,900 --> 00:11:50,300
the Lord, Chancellor known. 
As the Court of Chancery, there 

220
00:11:50,300 --> 00:11:53,000
are several features which 
distinguish the Modern English 

221
00:11:53,000 --> 00:11:56,900
trust both from other common law
trust and from civil approaches,

222
00:11:57,300 --> 00:12:01,000
Purpose, trusts and the 
requirement for a beneficiary in

223
00:12:01,000 --> 00:12:04,700
some ways, the Modern English 
trust is when compared to other 

224
00:12:04,700 --> 00:12:07,700
jurisdictions more conservative 
in its requirements. 

225
00:12:08,200 --> 00:12:11,000
For example, it retains the 
requirement that there be a 

226
00:12:11,000 --> 00:12:14,000
beneficiary. 
There are two main exceptions to

227
00:12:14,000 --> 00:12:18,400
this rule, charitable purpose, 
trusts Andre deadly trusts, this

228
00:12:18,400 --> 00:12:21,300
contrasts with other 
jurisdictions like Cyprus, the 

229
00:12:21,300 --> 00:12:25,700
BVI, the Cayman Islands, the 
Isle of Man Jersey and Gibraltar

230
00:12:25,700 --> 00:12:28,700
which allow for non-charitable 
Purpose trust to be valid. 

231
00:12:29,100 --> 00:12:31,000
This will normally be done by 
appointing. 

232
00:12:31,000 --> 00:12:33,200
Somebody to act as the trust 
protector. 

233
00:12:33,700 --> 00:12:36,500
These purpose trusts allow for a
trust to be created with a 

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purpose. 
For example, to provide for ends

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education, where N is a family 
member, instead of a named 

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beneficiary, the role of the 
protector. 

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Also sometimes called an 
enforcer is to hold the trustees

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to account, which the 
beneficiaries would usually have

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the right to do unincorporated 
associations. 

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A major use of trust is too. 
Allow for the existence of 

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00:12:58,300 --> 00:13:01,300
unincorporated. 
Associations, these often are 

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associations or groups of people
that come together for a 

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particular. 
Usually non-commercial purpose, 

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common examples might be local, 
social and sports clubs, some 

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gentlemen's clubs and some 
professional associations. 

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The main way that English law 
supports the existence of these 

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is by understanding them as a 
form of trust, the association 

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has no legal personality, for 
example, the capacity to enter 

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00:13:25,000 --> 00:13:26,900
into legal relations in their 
own name. 

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Mmmmm, this contrasts with the 
approach taken, in many, civil 

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00:13:30,200 --> 00:13:34,100
law jurisdictions like Spain or 
France, where civil or social 

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associations are often accorded 
legal personhood. 

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Thus in England, the officers of
an association EG its chairman 

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00:13:42,400 --> 00:13:46,200
secretary and Treasurer will be 
recognized as trustees and will 

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00:13:46,200 --> 00:13:48,100
hold the assets of the 
association. 

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00:13:48,100 --> 00:13:50,500
On trust, for the members of the
association, with the 

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constitution of the association 
forming the basis of the rules. 

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Governing the trust.