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- Protective_trust abstract "The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. It has marked similarities to asset-protection trusts found in several offshore jurisdictions and US Spendthrift trusts.In such a trust assets are ordinarily held to pay an income to the 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 favour.".
- Protective_trust wikiPageID "2431429".
- Protective_trust wikiPageLength "2149".
- Protective_trust wikiPageOutDegree "9".
- Protective_trust wikiPageRevisionID "592467518".
- Protective_trust wikiPageWikiLink Asset-protection_trust.
- Protective_trust wikiPageWikiLink Asset_protection.
- Protective_trust wikiPageWikiLink Beneficiary_(trust).
- Protective_trust wikiPageWikiLink Category:Wills_and_trusts.
- Protective_trust wikiPageWikiLink Commonwealth_of_Nations.
- Protective_trust wikiPageWikiLink Discretionary_trust.
- Protective_trust wikiPageWikiLink England_and_Wales.
- Protective_trust wikiPageWikiLink Spendthrift_trust.
- Protective_trust wikiPageWikiLink Trustee.
- Protective_trust wikiPageWikiLinkText "Protective trust".
- Protective_trust wikiPageWikiLinkText "protective trust".
- Protective_trust auto "yes".
- Protective_trust date "December 2009".
- Protective_trust wikiPageUsesTemplate Template:UK-law-stub.
- Protective_trust wikiPageUsesTemplate Template:Unreferenced_stub.
- Protective_trust wikiPageUsesTemplate Template:Wills,_trusts,_estates.
- Protective_trust subject Category:Wills_and_trusts.
- Protective_trust hypernym Form.
- Protective_trust type Document.
- Protective_trust type Document.
- Protective_trust comment "The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. It has marked similarities to asset-protection trusts found in several offshore jurisdictions and US Spendthrift trusts.In such a trust assets are ordinarily held to pay an income to the beneficiary. The beneficiary may also have access to capital of the trust with the trustee's permission.".
- Protective_trust label "Protective trust".
- Protective_trust sameAs Q7251379.
- Protective_trust sameAs m.07cl6b.
- Protective_trust sameAs Q7251379.
- Protective_trust wasDerivedFrom Protective_trust?oldid=592467518.
- Protective_trust isPrimaryTopicOf Protective_trust.