Which of the following is an advantage of an inter vivos revocable trust?
Which of the following is an advantage of an inter vivos revocable trust?
A benefit of an inter-vivos trust is that it helps avoid probate or the legal process of distributing the owner’s assets after his or her death. The trustor can also be the trustee in an inter-vivos trust during their lifetime or until a backup named in the trust is allowed to take over.
What are the two types of trust?
There are two basic types of trusts: living trusts and testamentary trusts. A living trust or an “inter-vivos” trust is set up during the person’s lifetime. A Testamentary trust is set up in a will and established only after the person’s death when the will goes into effect.
Who is the owner of a trust?
The basics of trust creation are fairly simple. To create a trust, the property owner (called the “trustor,” “grantor,” or “settlor”) transfers legal ownership to a family member, professional, or institution (called the “trustee”) to manage that property for the benefit of another person (called the “beneficiary”).
What is the difference between a trust and an NGO?
“NGO” stands for “Non-governmental Organization” while “trust” is the word trust itself. An NGO usually aids the government with the programs that they can’t usually do in its extent and strength. Trusts, on the other hand, are not dependent on the programs of the government.
Who is the head of an NGO?
Next comes the Executive Director, who may also be called by other names such as Coordinator, Chief Operating Officer, or CEO. He or she is responsible for the overall direction in which the NGO moves, and the responsibility for managing the day-to-day activities of the NGO.
Can family members form society?
Members of the same family can not be member in a Society. There is no restriction in formation of a Trust with members of the same family. Minimum Eight Members from 8 different states are required in National level Society. Minimum Two Trustees only, no limit of maximum Trustees/ Members.
How do you change people in society?
Every change in the name of a Society should be made by an amendment of its bye-laws. This has to be notified in the official gazette. There should me one more General Body meeting of Board of Society to pass resolution for approval for the previous resolution of change the name of Society.
Is society and trust are same?
Unlike trusts, a society has a more democratic set up with membership and an elected body to manage the society. The original members of a society can continue to remain in control as long as they are elected to the managing committee, but at the same time can opt out of the society if they wish, which trustees cannot.
What is society act in India?
The Indian Societies Registration Act of 1860 was enacted under the British Raj in India, but is largely still in force in India today. It provides for the registration of literary, scientific and charitable societies. The memorandum of association has to be filed with the Registrar of Societies.
What are bylaws of a society?
Bye-laws include the objects of the society and completely define and restrict the society’s activities, but the rights and liabilities of members are determined by the Act and not by the bye-laws as such. The bye-laws are the basic structure of the society and are binding on the members.
Is a society a legal entity?
As every society is a legal entity separate from its members it is capable of filing suits against any person or any member. Similarly, the suits can also be brought against the society.
