A testamentary trust refers to a trust that exists, but which does not come into force until after the death of the confrere. These trusts are often made in the last will and the person who creates this type of trust is the “deceased”. In contrast, a trust model or living trust sample is one that, once established by the confectioner, takes effect immediately. All types of trust agreements are irrevocable or revocable. In the case of an irrevocable trust agreement, the agent entrusts the agent with control and ownership of the property. In this type of trust, the confrere no longer controls or owns the property, which means that he cannot make any changes to it. No trust established under this Agreement may extend beyond twenty-one (21) years after the death of the last living beneficiary, from the date of death of the licensor. The remaining trust is distributed to those who are legally entitled to obtain mandatory distributions of the trust`s income. In the event that no other beneficiary is authorized to obtain the trust, persons entitled to receive discretionary distributions will receive the trust in equal shares. CONSIDERING that, for its part, the agent is prepared to accept in trust the immovable property defined in Annex A for the beneficiaries defined in Annex B and to maintain the trust fund for its benefits. 1.1 “trust” means the trust created by such Trust Deed and referred to in clause 3. In the event of the death of the licensor, it is the responsibility of the agent to ensure payment of the debt, expenses and taxes of the fiduciary asset.
The agent will pay the licensor`s funeral expenses, inheritance tax, legacies and equipment, as well as other legal fees and debts. A trust instrument has many applications, but still offers an agent control of the property for the benefit of one or more parties designated as beneficiaries. Each separate trust that bears the name of a child by me is owned, managed and distributed by the agent, if any, in accordance with another provision of this instrument, for the following purposes and uses: 1. Discretionary distributions. For each trust held by me for a child under the age of thirty (30), the agent pays or claims the best interests of that child only through that child`s separate trust, which is the child`s share of the child`s net income and principal, even if it is a wholly principal. If one of my children reaches the age of twenty-five (25), the attorney shall distribute to that child fifty percent (50%) of the remaining balance of that child`s separate trust, directly and without trust; And if one of my children reaches the age of thirty (30), the separate trust of that child and the mandatary ends at one hundred percent (100%) of the remaining balance of that child`s separate trust, directly and without trust; provided, however, that each child has the right to delay all distributions and to have them understood in trust. .