Trusts/trustees

This book was produced under the auspices of the Dyers Company Publications Trust. The Trust was instituted by the Worshipful Company of Dyers of the City of London in 1971 to encourage the publication of textbooks and other aids to learning in the science and technology of colour and coloration and related fields. The Society of Dyers and Colourists acts as trustee to the fund. 

A trust is a legal document by which you transfer assets such as money or real estate to a trustee to manage for any beneficiary or beneficiaries named. 

Trust. A trust agreement designates someone you choose (called a trustee) to hold property you transfer to the trust on behalf of a beneficiary. Property distributed through a trust is not subject to probate. The estate tax advantages are limited and vary depending upon the type of trust. 

Name a Trustee. This is a person or institution that you designate under a trust document to manage your property for your beneficiaries. A trustee and an executor can be the same person. You can be your own trustee. 

A trust is a way to leave your money so that it avoids probate, takes full advantage of tax benefits, and accomplishes what you desire either before or after you are gone. In a trust, you assign part or all of your estate to a trustee or trustees to manage and distribute in a manner prescribed by you. It is a way to control the release of your money after your death. This can be done to protect and enhance the lives of others, usually those dear to you. Things are prearranged for your beneficiaries because you won t be around to do it yourself. 

A testamentary trust is a separate, sophisticated addition to your will. You designate the purpose and specifics in your will and also designate a trustee. When you die, the testamentary trust goes into effect and carries out your wishes. 

The individual you designate as an executor can also be designated as your trustee. Selecting a trustee involves many of the same considerations as selecting an executor. However, there is a difference between the two. An executor s job is finished once an estate is settled. This usually happens within a year or two. A trust can continue for many years. This means that the trustee acquires an almost permanent obligation. 

You can choose a personal friend, relative, professional, or the trust department of an institution as your trustee. There are advantages and disadvantages to each. A personal friend may know and understand you and the beneficiaries, but may not be experienced with investments. A professional may not know you or your beneficiaries, but have the experience. A trust department in a bank won t move away or die. It also has a staff of professionals. Finally, the cost of a trust must be taken into consideration. The choice is yours. 

If you name a personal acquaintance or relative as trustee of a living trust, the fee will be whatever is agreed upon—often no fee at all. Professional trustees, however, receive fees that are either a set amount or a percent of the trust s assets. Fees should be discussed and negotiated ahead of time. 

Trusts List any trust you have established and give the name and address of the trustee—very important ... 

We thank the trustees of the Analytical Trust Fund of the Royal Society of Chemistry UK for a SAC research studentship, and are grateful to EPSRC for access to the mass-spectrometry service at Swansea. 

We capture the subjectivity that influences the trust level a given trustor has in a specific trustee by distinguishing the trustor s individual trust profile. We use this notion to address specific (subjective) differences in the trust levels developed by two different trustors while exposed to the same trust justification. 

This definition needs some explanation. The viewpoints mentioned in it represent the stakeholders concerns about the system (the trustee) under consideration. A viewpoint can represent an individual user who decides about involving herself/himself in the co-operation with the system depending on its trustworthiness (consider for instance e-commerce or e-health applications) or can represent a class of users. An example of a latter is a non-profit institution which assesses a given Web service on behalf of its users (this is what Health On the Net foundation [1] does for the users of e-health services). A viewpoint can be highly formalized, for instance in the situation where the criteria to be met by the trust case (to consider it satisfactory) are documented and supported by regulations (like in the case for safety critical applications [2]) or are documented and widely accepted (which is the case for security critical systems [3]). For some viewpoints satisfactory may mean convincing and valid whereas for some other satisfactory may have more subjective interpretation. 

In the model shown in Figure 2 we admit that the recommendations and experiences supporting trust can eventually be included into the assurance pillar of trust. This is the case when, for instance, the received recommendation is considered as being highly competent and objective and takes a form of expert opinion or certificate . On the experience side, it may relate to the situation where the number of individual experiences provides enough material for some statistical reasoning about the trustee s properties. 

Operator—recognizes trust objectives, extends the assurance part of the trust case concerning installation, operation and maintenance of the trustee, enables the experience and recommendation parts of the trust case ... 

User—defines his/her own trust profile, collects experience and recommendations and feeds it to the trust case, evaluates own trust, undertake decisions about his/her involvement with the trustee. 

An architecture illustrating how the trust case is integrated with a trustee and offered to its stakeholders is shown in Figure 8. 

Much of the work described as coming from the author s laboratory was supported by the Research Funds of the Queen Elizabeth Hospital for Children and by the Dunhill Trust, and I wish to thank the Trustees of both for their financial help. 

All MPF schemes must be established under a trust arrangement that are governed by Hong Kong law. Scheme assets will be held separately from the assets of the trustees or the investment managers. This safeguards the interests of the scheme members from unnecessary financial risks. 

INVESCO Handles Fund Management only. Partner up with Bermuda Trust. Outsourcing Trustee, Custodial Fund Management 100+ 10%... 

Under the terms of a trust deed, the issuer agrees to be bound by the terms and conditions of the bond and a trustee is appointed to represent the interests of the noteholders to whom it will have a duty of fiduciary care. Upon the occurrence of a default by the issuer, the trustee—and not the noteholders, except in exceptional circumstances—will be the one who can call an event of defanlt. The trustee can usually agree to make amendments to the terms of the bond and can waive technical defaults. 

A Share Trust Deed is entered into between the issuer and each trustee. The trustees hold the shares on trust for charitable purposes and this deed merely sets out the duties of the trustee to the relevant charities. 

This chapter is an account of trustee and agency services that are required to support proper functioning of the debt capital markets. A distinction will be made between responsibilities of a trustee, and the other services offered by trust banks, known as agency services, to support debt markets structured products. The purpose of this chapter is to give the reader a broad understanding of the work undertaken by trust banks and how these services relate to the structures themselves. It should be noted that while many of these services are offered globally, the focus of this chapter is primarily on the European structured finance market. 

The role of the trustee in a Eurobond issuance is to serve as a bridge between the issuer of the bonds and the bondholders throughout the life of the issuance. The scope of duties undertaken by a trustee in connection with any given issuance may vary from structure to structure, but the essence of the trustee s role is to hold and exercise as necessary, and as permitted by the trust documentation, the legal rights of each bondholder in the transaction. 

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