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Will or Instrument of Trust

English translation: (will) or (instrument of trust)

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Will or Instrument of Trust
English translation:(will) or (instrument of trust)
Entered by: Fuad Yahya
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01:55 Dec 23, 2003
English to English translations [PRO]
Law/Patents / Power of Attorney
English term or phrase: Will or Instrument of Trust
In exercise of the powers contained in Section 31 of the Trustee Act 1956, I delegate to my Attorney the exercise and execution of all the trusts powers and discretions for the time being vested in me as trustee under any Will or Instrument of Trust whereof I may be the Trustee or one of the Trustees.

My question:
(Will or Instrument) of Trust? or (Will) or (Instrument of Trust)?

What is the meaning of "Will" in this context?
English Chinese Medical Translator - Jimmy Deng
New Zealand
Local time: 03:20
(will) or (instrument of trust)
Explanation:
The first person is delegating his/her power as a trustee to an attorney.

His/her power as a trustee may have been invested by a will (A legally executed document containing a legal declaration of how a person wishes his or her possessions to be disposed of after death) or by an instrument of trust (A document, as a formal declaration of trust or trust agreement, embodying the creation and provision of a trust).
Selected response from:

Fuad Yahya
Grading comment
Thank you very much to both of you!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1(will) or (instrument of trust)Fuad Yahya
5(Will) or (Instrument of Trust)
Ildiko Santana


  

Answers


1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +1
(will) or (instrument of trust)


Explanation:
The first person is delegating his/her power as a trustee to an attorney.

His/her power as a trustee may have been invested by a will (A legally executed document containing a legal declaration of how a person wishes his or her possessions to be disposed of after death) or by an instrument of trust (A document, as a formal declaration of trust or trust agreement, embodying the creation and provision of a trust).



    Merriam-Webster Dictionary of Law
Fuad Yahya
Native speaker of: Native in ArabicArabic, Native in EnglishEnglish
PRO pts in pair: 893
Grading comment
Thank you very much to both of you!

Peer comments on this answer (and responses from the answerer)
agree  Ildiko Santana
2 hrs
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4 hrs   confidence: Answerer confidence 5/5
(Will) or (Instrument of Trust)


Explanation:
You need to look at not two but three terms here, basically. Will, Trust, and Instrument; the rest is easy. (a Will is a Will, no such thing as Will of Instrument, at least not in legalese.)

Here are the three definitions that will help you (sorry, a bit long):

*Will*
n. a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees) including portions or percentages of the estate, specific gifts, creation of trusts for management and future distribution of all or a portion of the estate (a testamentary trust). A will usually names an executor (and possibly substitute executors) to manage the estate, states the authority and obligations of the executor in the management and distribution of the estate, sometimes gives funeral and/or burial instructions, nominates guardians of minor children and spells out other terms. To be valid the will must be signed by the person who made it (testator), be dated (but an incorrect date will not invalidate the will) and witnessed by two people (except in Vermont which requires three). In some states the witnesses must be disinterested, or in some states, a gift to a witness is void, but the will is valid. A will totally in the handwriting of the testator, signed and dated (a "holographic will") but without witnesses, is valid in many, but not all, states. If the will (also called a Last Will and Testament) is still in force at the time of the death of the testator (will writer), and there is a substantial estate and/or real estate, then the will must be probated (approved by the court, managed and distributed by the executor under court supervision). If there is no executor named or the executor is dead or unable or unwilling to serve, an administrator ("with will annexed") will be appointed by the court. A written amendment or addition to a will is called a "codicil" and must be signed, dated and witnessed just as is a will, and must refer to the original will it amends. If there is no estate, including the situation in which the assets have all been placed in a trust, then the will need not be probated.

*instrument*
n. 1) a written legal document such as a contract, lease, deed, will or bond. 2) an object used to perform some task or action, ranging from a surgeon's scalpel to any hard thing used in an assault (a blunt instrument)

*trust*
n. an entity created to hold assets for the benefit of certain persons or entities, with a trustee managing the trust (and often holding title on behalf of the trust). Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written declaration of trust which establishes the trust and spells out the terms and conditions upon which it will be conducted. The declaration also names the original trustee or trustees, successor trustees or means to choose future trustees. The assets of the trust are usually given to the trust by the creators, although assets may be added by others. During the life of the trust, profits and, sometimes, a portion of the principal (called "corpus") may be distributed to the beneficiaries, and at some time in the future (such as the death of the last trustor or settlor) the remaining assets will be distributed to beneficiaries. A trust may take the place of a will and avoid probate (management of an estate with court supervision) by providing for distribution of all assets originally owned by the trustors or settlors upon their death. There are numerous types of trusts, including "revocable trusts" created to handle the trustors' assets (with the trustor acting as initial trustee), often called a "living trust" or "inter vivos trust" which only becomes irrevocable on the death of the first trustor; "irrevocable trust," which cannot be changed at any time; "charitable remainder unitrust," which provides for eventual guaranteed distribution of the corpus (assets) to charity, thus gaining a substantial tax benefit. There are also court-decreed "constructive" and "resulting" trusts over property held by someone for its owner. A "testamentary trust" can be created by a will to manage assets given to beneficiaries.

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Note added at 2003-12-23 06:21:44 (GMT)
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P.S. \"Instrument\" -- in this case obviously its first definition is applicable; it might also include an Act of Parliament.

Ildiko Santana
United States
Local time: 06:20
Native speaker of: Native in HungarianHungarian, Native in EnglishEnglish
PRO pts in pair: 162
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