can validly establish a trust where he declares himself trustee to the benefit of one or more beneficiaries, as he himself may be one of the beneficiaries.
courts have levied substantial daily fines against domestic settlors
and the domestic branches of foreign banks.
31) Traditionally, settlors
used spendthrift clauses to protect trust assets from the creditors of irresponsible beneficiaries.
102) For that reason, trust law has traditionally placed limits on the entrustor's ability to circumvent or modify these duties, including the extent to which settlors
may exculpate their trustees for mistakes.
The trust can hold assets via an underlying company of which the settlor
, or chosen advisor, can be directors.
IRC section 674(c) generally describes independent trustees as persons who are not immediate family or subordinates or employees of the settlor
In the longer term, when faced with decisions arising both from the increasing complexity of the familyEoACAOs finances and from the evolving dynamics of the family relationships, professional trustees can find it difficult to ensure they adequately take into account the true intentions of the settlor
when making their decisions.
The company is ultimately owned by the settlor
of the trusts or the family as a whole (although it is generally not advisable that the shares of the PTC are directly owned by a family member).
Hostile trust litigation is reaching "near epidemic" levels, and many settlors
and trustees view arbitration as an excellent means of limiting spiraling litigation costs.
Put another way, no state allowed settlors
to shield the assets they put in trust for themselves from creditors, finding it against public policy.
They involve a trustee, which can be an individual, a bank, or a non-profit organization such as a humane society, which handles the finances; a beneficiary, who is the person you choose as your dogs new owner and caretaker; and you, the settlor
, the dog owner who is setting up the trust.
title retention trusts" may help introduce the trust mechanism to settlors
who are unfamiliar with trusts and may be deterred by the prospect of giving away title in their property.