Education Trust Sample Form Philippines
Description
How to fill out College Education Trust Agreement?
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FAQ
For example, a trust provision may stipulate that upon the death of the grantor, if all her children are over the age of 30, the trust assets are to be distributed equally amongst them, while if some are under the age of 30, then the trust does not terminate until the youngest reaches that age.
A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.
The document or statement also contains details of the trust's purpose, its beneficiaries, and how it will be managed by the trustee. The declaration of trust is sometimes referred to as a nominee declaration.
The instrument may also be known as an agreement, indenture, declaration, or deed. In the case of a testamentary trust, for example, the trust instrument is the decedent's will.
The most common example of when a declaration of trust is used is the situation where an adult son or daughter borrows money for a deposit on a first house from his or her parents. The parents may have a mortgage already, and the terms of that mortgage prevent them from borrowing under another.