unreferenced date March 2010 Unreferenced date December 2009 A beneficiary also, in trust law , cestui que use in the broadest sense is a natural person or other legal entity who receives money or other Employee benefit benefit s from a benefactor law benefactor . For example The beneficiary of a life insurance policy, is the person who receives the payment of the amount of insurance after the death of the insured. The beneficiaries of a trust property trust are the persons with equitable ownership of the trust assets, although legal title is held by the trustee . The term can also be described as an inheritance used in the context for the party heir or heiress receiving the property related thereto. Beneficiaries in other contexts are known by other names for example, the beneficiaries of a will law will are called devisees or legatee s according to local custom. Most beneficiaries, may be designed to designate where the assets will go once the owner s ceases to exist. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, then the assets will probably pass to the contingent beneficiaries . Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose. The concept of a beneficiary will also frequently figure in contracts other than insurance policies. A third party beneficiary of a contract is a person who, although not a party to the contract, the parties intend will benefit from its provisions. A software distributor, for example, may seek ... relief . In an improper manner sometimes is called beneficiary also the Organization that receives ... in order to benefit those who work at it, but those for whom the work is meant for. See also Beneficiary ... more details
Unreferenced date August 2010 A contingent beneficiary on a will or insurance contract is a person who receives the benefits only if predetermined conditions have been met. Until that time, the property interest is regarded as a contingent interest . In the context of an insurance policy, the condition is generally the death of the insurance contract holder, who is regarded as the primary beneficiary . finance stub Category Wills and trusts Category Inheritance ... more details
Cestui que use redirects here. See also, Cestui que . globalize UK date December 2010 In trust law , a beneficiary or cestui que use , a.k.a. cestui que trust , is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company law company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. ref See for example Quistclose trust Quistclose trusts and orphan structure s, both of which commonly involve non human beneficiaries of trusts. ref With the exception of charitable trust s, and some specific anomalous purpose trust non charitable purpose trust s, all trusts are required to have ascertainable beneficiaries. Generally speaking, there are no strictures as to who may be a beneficiary of a trust a beneficiary can be a minor, or under a mental disability in fact many trusts are created specifically for persons with those legal disadvantages . It is also possible to have trusts for unborn children, although the trusts must vest within the applicable perpetuity period . Categorisation There are various ways in which beneficiaries of trusts can be categorised, depending upon the nature and need of the categorisation. From ... 553 it was argued that because a beneficiary might receive all the income, he should be treated as being ... held that it could not be said that any individual beneficiary under a discretionary trust was entitled ... beneficiary, this is still a species of property that can be dealt with, much in the same was as a contingent ... trust, the beneficiary may renounce his position as a class member see Re Gulbenkian s Settlement ... the trustees to transfer absolute legal title to the trust assets to the beneficiaries. See also BeneficiaryBeneficiary general Trust law Trustee Settlor Cestui que Birth certificate Legal fiction Footnotes Reflist DEFAULTSORT Beneficiary Trust Category Equity Category Wills and trusts ru ... more details
Contract law A third party beneficiary , in the law of contract s, is a person who may have the right ... is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when ... and the third party beneficiary has either relied on or accepted the benefit. A promisee ... beneficiary to acquire a benefit, conditional upon acceptance, from B or C immediately acquires a conditional ... and therefore binds himself. Also, as a somewhat distinct rule, the intended beneficiary of a third ..., either expressly or impliedly the third party beneficiary must be named or referred to, or is a member ... intended for his or her benefit. Acceptance A third party beneficiary only acquires a right ..., the third party beneficiary only has a spes , or expectation in other words, he does not have the right ... vs. incidental beneficiary In order for a third party beneficiary to have any rights under the contract, he must be an intended beneficiary , as opposed to an incidental beneficiary . The burden is on the third party to plead and prove that he was indeed an intended beneficiary. Incidental beneficiary An incidental beneficiary is a party who stands to benefit from the execution of the contract, although ... painter is an incidental beneficiary. Neither Andrew nor Bethany is entering into the contract ... sale. Intended beneficiary The distinction that creates an intended beneficiary is that one ... to the third party beneficiary named in the contract. The promisee must have an intention to benefit ... of Andrew s worst enemy, party C, Charlie, then Charlie is still considered to be the intended beneficiary ... based on criminality. There are two common situations in which the intended beneficiary relationship is created One is the creditor beneficiary , which is created where Andrew owes some debt to Charlie ... to pay Charlie some part of the amount owed. The other is the donee beneficiary , which is created ... principles, the donee beneficiary actually had a greater claim to the benefits this created however ... more details
2006 of US 8.00. Termination of a reciprocal beneficiary relationship which may be done ... beneficiary status is recognized by other jurisdictions as being notably weaker than other same ... relationships New Jersey , for example, recognizes reciprocal beneficiary status as equivalent ... Reciprocal Beneficiary Relationships publisher Hawaii State Department of Health Same sex marriage ... more details
Refimprove date January 2008 A voluntary employees beneficiary association VEBA is a form of Trust law trust fund permitted under United States American tax law whose sole purpose must be to provide employee benefit s. ref name Hopkins Hopkins, Bruce R. The Law of Tax Exempt Organizations. Hoboken, N.J. Wiley, 2007, p. 490. ref Among the types of benefits with a VEBA may provide are Accidental death and dismemberment insurance accident insurance benefits , childcare costs, employee continuing education , the cost of legal services, life insurance benefits, Severance package severance pay , supplemental unemployment benefits , sick leave pay, training benefits, and vacation pay. ref name Hopkins ref name Rattiner Rattiner, Jeffrey H. Financial Planning Answer Book 2009. CCH Inc., 2008, p. 3 37. ref A VEBA cannot, however, provide Employer transportation benefits in the United States commuter benefits , miscellaneous Employee benefit fringe benefits , or Pension retiree income . ref name Rattiner The plan may pay benefits to employees, their Dependant dependents , or their designated Beneficiary beneficiaries , or to Disability disabled , Layoff laid off , or Retirement retired former employees. ref name Hopkins ref name Rattiner The organization must also meet the following additional requirements It must be a voluntary association of employees ref name Rattiner Substantially all of its operations are for the purpose of providing benefits Its earnings may not benefit of any private individual, organization, or shareholder other than through the payment of benefits ref Hopkins, Bruce R. The Law of Tax Exempt Organizations. Hoboken, N.J. Wiley, 2007, p. 492 493. ref It must be controlled by its members, in whole or part by their trustee s, or by an independent trustee and ref Hopkins, Bruce R. The Law of Tax Exempt Organizations. Hoboken, N.J. Wiley, 2007, p. 491. ref It must ... Selected Problems of Voluntary Employees Beneficiary Associations VEBAs . Internal Revenue Service ... more details
Unreferenced stub auto yes date December 2009 Wills, trusts, estates A beach bum trust provision , in the law of Trust property trusts , ties the ability of a beneficiary trust trust beneficiary to take from the trust to the beneficiary s own earnings. Such a provision serves to prevent a beneficiary from lazily living off the trust funds i.e. a beach bum . If the beneficiary earns no income, then he reaps nothing from the trust. DEFAULTSORT Beach Bum Trust Provision Category Wills and trusts Law term stub ... more details
Wills, trusts, estates A bare trust sometimes referred to as a simple trust is a trust law trust in which the beneficiary trust beneficiary has a right to both income and capital and may call for both to be remitted into his own name. He is also entitled to take actual ownership and control of the trust property . Although there are trustee s, they are only effectively nominees and must act according to the beneficiary s instructions. Unreferenced date September 2007 Category Equity Category Wills and trusts law term stub ... more details
Orphan date February 2009 Hutchens v Stout case citation 79 N.C. App. 292, 339 S.E.2d 103 was a case before the North Carolina Court of Appeals in 1986. Facts The beneficiary trust beneficiary of a charitable trust was on Social security welfare . The government wanted to force the trustee to make distributions to the beneficiary which would cut the beneficiary s welfare and save the government money . However, since the trustee had absolute discretion, the trustee could choose not to make a distribution to the beneficiary. Note Recent legislation makes it easier for the government to compel the trustee to make a distribution Citation needed date July 2010 . Source Bogert, Law of Trusts , 7th edition Category North Carolina state courts ... more details
Unreferenced date December 2009 Banking An advising bank also known as a notifying bank advises a beneficiary exporter that a letter of credit L C opened by an letter of credit issuing bank for an letter of credit applicant importer is available. Advising Bank s responsibility is to authenticate the letter of credit issued by the issuer to avoid fraud. The advising bank is not necessarily responsible for the payment of the credit which it advises the beneficiary of. The advising bank is usually located in the beneficiary s country. It can be 1 a branch office of the issuing bank or a correspondent bank, or 2 a bank appointed by the beneficiary. Important point is the beneficiary has to be comfortable with the advising bank. In case 1 , the issuing bank most often sends the L C through its branch office or correspondent bank to avoid fraud. The branch office or the correspondent bank maintains specimen signature s on file where it may counter check the signature s on the L C, and it has a coding system a secret test key to distinguish a genuine L C from a fraudulent one authentication . In case 2 , the beneficiary can request the applicant to specify his her bank the beneficiary s bank as the advising bank in an L C application. In many countries, this is beneficial to the beneficiary, who may avail the reduced bank charges and fees because of special relationships with the bank. Under normal circumstances, advising charges is standard and minimal. In addition, it is more convenient to deal with the beneficiary s own bank over a bank with which the beneficiary does not maintain an account. DEFAULTSORT Advising Bank Category Banks ... more details
Unreferenced date April 2008 Wills, trusts, estates An honorary trust , under the law of trust property trusts , is a device by which a person establishes a trust for which there is neither a charitable trust charitable purpose , nor a private beneficiary trust beneficiary to enforce the trust. While such a trust would normally be void law void for lack of a beneficiary, many jurisdictions have carved out two specific exceptions to this rule trusts for the care of that person s pet s and trusts to provide for the maintenance of cemetery plots. The name of the device derives from the lack of any beneficiary legally capable of enforcing an honorary trust the trustee is bound by honor , but not by law, to carry out the wishes of the creator of the trust. Like many states, New York has only recently allowed such trusts by statute . See also Purpose trust Category Wills and trusts law term stub ... more details
Unreferenced date December 2009 A Charitable Remainder Annuity Trust , is a Planned Giving vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount of income each year to the donor or the donor s specified beneficiary trust beneficiary . When the donor dies, the remainder of the trust is transferred to the charity. Charitable trusts such as a CRAT require a trustee . Sometimes the charity is named as trustee, other times it is a third party such as an Lawyer attorney , a bank or a financial advisor . Charity Category Charities ... more details
Wills, trusts, estates An interest in possession Trust law trust is a form of legal arrangement which gives a person a present right to the present enjoyment of something . ref Viscount Dilhorne in Pearson v IRC 1980 STC 318 at 323 ref At least one of the beneficiary beneficiaries of this type of trust will have the right to receive the income generated by the trust if trust funds are invested or the right to enjoy the trust assets for the present time in another way, for example by living in a property owned by the trustees. The beneficiary with the right to enjoy the trust property for the time being is said to have an interest in possession and is colloquially described though not always strictly accurately as an income beneficiary. A trust can give the interest in possession to a beneficiary for a fixed period, for an indefinite period or, more usually, for the rest of the beneficiary s life. Such a life interest trust is the most common example of an interest in possession trust . In the example of a life interest trust, the interest in possession ends when the income beneficiary, also called the life tenant , dies. The Capital economics capital of the trust will then pass to another beneficiary or more than one . Where a charity has the right to income under a trust, it will also have an interest in possession, but this will clearly not be a life interest trust an example would be a trust under which an art gallery has the right to display works owned by the trustees for a certain period. Either the Will law will or Trust law trust deed establishing the trust, or the general law, will set out how tax and trustee trustees expenses will be divided between the income beneficiary and the capital of the trust. Trustee investment policies will also allow emphasis on either present income which may reduce the real value of the capital or capital growth increasing income in the long term and capital remaining when the interest in possession is terminated or a balance. ... more details
cc by 3.0 Cupid s Green Woods 1 by Ashley George Old This is an original work by Ashley George Old. The painting and its copyright were left to the beneficiary in the will of the artist. The beneficiary has asked me to place this image on Wikipedia under the Creative Commons Attribution 3.0 License. When reproduced in original or derivative form the artist Ashley George Old must be acknowledged. ... more details
cc by 3.0 Cupid s Green Woods 2 by Ashley George Old This is an original work by Ashley George Old. The painting and its copyright were left to the beneficiary in the will of the artist. The beneficiary has asked me to place this image on Wikipedia under the Creative Commons Attribution 3.0 License. When reproduced in original or derivative form the artist Ashley George Old must be acknowledged. ... more details
unreferenced date March 2010 Unreferenced stub auto yes date December 2009 Wills, trusts, estates The Protective Trust is a form of settlement found in England and Wales and several Commonwealth of Nations Commonwealth countries. It has marked similarities to asset protection trusts found in several offshore jurisdictions and US Spendthrift trust s. In such a trust assets are ordinarily held to pay an income to the beneficiary trust beneficiary . The beneficiary may also have access to capital of the trust with the trustee s permission. The right to receive income from a trust would ordinarily be an asset in the hands of the beneficiary and could be sold, thwarting the intention of the donor to spread the gift over the recipient s lifetime. Additionally on a bankruptcy the right to the income would be sold by the beneficiary s trustee in bankruptcy. To give protection to beneficiaries, a protective trust automatically converts into a discretionary trust , under which the beneficiary has no right to the income, if he or she does anything which breaches a condition specified in the document creating the trust. The establishment of this discretionary trust is ordinarily exempt from the charge to UK inheritance tax on the establishment of discretionary trusts. Such protective trusts have a longstanding history. To reduce the verbose definitions that had previously to be recited in the establishing documents of a protective trust, in England and Wales s33 of the Trustee Act 1925 and equivalent legislation in other jurisdictions provides that this protection will arise in any trust described as a protective trust in its trust deed. Protective trusts are subject to challenge under creditor protection legislation as are any other forms of asset protection. However many jurisdictions do not permit a trust to be broken where a debtor who remains a discretionary beneficiary only under a trust and cannot access the fund without the exercise of the trustees discretion in his fav ... more details
Orphan date February 2009 A Henson trust sometimes called an absolute discretionary trust , in Canada Canadian law, is a type of trust designed to benefit disability disabled persons. Specifically, it protects the assets typically an inheritance of the disabled person, as well as the right to collect government benefits and entitlements. The key provision of a Henson trust is that the trustee has absolute discretion in determining whether to use the trust asset s to provide assistance to the beneficiary trust beneficiary , and in what quantity. This provision means that the assets do not vesting vest with the beneficiary and thus cannot be used to deny means test means tested government benefits. An example of such a benefit is the Ontario Disability Support Program . In addition, the trust may provide income tax relief by being taxed at a lower marginal rate than if the beneficiary s total assets were considered. It can also be used to shield assets from matrimonial division in case of divorce of the beneficiary. In most cases, the trust assets are immune from claims by creditors of the beneficiary. The Henson trust was first used in Ontario in the late 1980s. 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 will law testamentary trust. The case Leonard Henson of Guelph , Ontario had set up an absolute discretionary trust for his daughter. The Ontario Ministry of Community and Social Services took his daughter to court , arguging that she had assets. The Supreme Court of Ontario later the Court of Appeal for Ontario ruled that she didn t have assets, as they weren t for her to use. ref http www.kpopelaw.ca TDplanner.htm Henson Trust Specialist Kenneth C. Pope, LL.B., T.E.P TD Planner Magazine Article Bot generated title ref References http www.kpopel ... more details
. If this is the case, then the descendants of the deceased beneficiary will inherit whatever was willed to that beneficiary. The testator can prevent the operation of an anti lapse statute by providing that the gift will only go to the named beneficiary if that beneficiary survives the testator, or by simply ... are named to inherit the residue. The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti lapse statute, then that beneficiary s inheritance will return to the residuary estate ... more details
Wills, trusts, estates A residuary estate , in the law of will law wills , is any portion of the testator s estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. http www.nolo.com definition.cfm Term DB9F6C78 01F8 4A95 8B7DC729C0CEE3D4 alpha R http definitions.uslegal.com w wills residuary estate It is also known as a residual estate or simply residue . The will may identify the taker of the residuary estate through a residuary clause or residuary bequest . The person identified in such a clause is called the residuary taker , residuary beneficiary , or residuary legatee . If no such clause is present, however, the residuary estate will pass to the testator s heirs by intestacy . At common law, if the residuary estate was divided between two or more beneficiaries, and one of those beneficiaries was unable to take, the share that would have gone to that beneficiary would instead pass by intestacy, under the doctrine that there was no residuary of a residuary . The modern rule, however, is that the failure of a residuary gift to one beneficiary causes that beneficiary s share to be divided among the remaining residuary takers. Unreferenced date November 2007 Category Wills and trusts law term stub ... more details
Summary Bob Longenecker and Ruth Hussey hired a photographer to take photographs at their wedding in 1942. Thus, Bob Longenecker and Ruth Hussey own the copyright to this photograph as a work for hire. I am their son JOHN LONGENECKER. I now own this photograph as a beneficiary of their Family Trust. 800 470 4602 JOHN JL email.com Licensing NoRightsReserved ... more details
Summary Bob Longenecker and Ruth Hussey hired a photographer to take photographes of their family. Thus, Bob Longenecker and Ruth Hussey owned the copyright to this photograph as a work for hire. I am their son JOHN LONGENECKER. I now own this photograph as a beneficiary of their Family Trust. 800 470 4602. JOHN JLemail.com Licensing NoRightsReserved ... more details
Summary Bob Longenecker and Ruth Hussey hired a photographer to take photographes of their family. Thus, Bob Longenecker and Ruth Hussey owned the copyright to this photograph as a work for hire. I am their son JOHN LONGENECKER. I now own this photograph as a beneficiary of their Family Trust. 800 470 4602. JOHN JLemail.com Licensing NoRightsReserved ... more details
Summary Bob Longenecker and Ruth Hussey hired a photographer to take photographes at their wedding in 1942. Thus, Bob Longenecker and Ruth Hussey owned the copyright to this photograph as a work for hire. I am their son JOHN LONGENECKER. I now own this photograph as a beneficiary of their Family Trust. 800 470 4602, JOHN JLemail.com Licensing NoRightsReserved ... more details
Summary Bob Longenecker and Ruth Hussey hired a photographer to take photographes at their wedding in 1942. Thus, Bob Longenecker and Ruth Hussey owned the copyright to this photograph as a work for hire. I am their son JOHN LONGENECKER. I now own this photograph as a beneficiary of their Family Trust. 800 470 4602, JOHN JLemail.co Licensing NoRightsReserved ... more details
Lucky Dog may refer to The Lucky Dog film The Lucky Dog film , the first film to include both Stan Laurel and Oliver Hardy Lucky Dog , a 2004 play by Leo Butler Lucky dog, a rule in motorsport also known as the Beneficiary rule disambig ... more details
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