Cambridge Declaration of Trust Under the Massachusetts Uniform Custodial Trust Code

• Category: Massachusetts Family Law - Minors - Custodial Trust Act
• State: Massachusetts
• City: Cambridge
• Control #: MA-02207A
• Format: Word; Rich Text

Description

Declaration of Trust Under the Massachusetts Uniform Custodial Trust Code: This Declaration states that the Declarant is to be the holder and/or possessor of a certain parcel of land, which is actually owned by the Beneficiary of a trust. He/She states that they will hold the land until such time the Beneficiary may take over possession. This form is available in both Word and Rich Text formats. The Cambridge Declaration of Trust Under the Massachusetts Uniform Custodial Trust Code is a legal document that establishes the framework for custodial trust arrangements in the state of Massachusetts. This declaration outlines the rights, duties, and responsibilities of the trustee and beneficiaries involved in the trust. Under the Massachusetts Uniform Custodial Trust Code, there are different types of Cambridge Declarations of Trust, which cater to various purposes and arrangements: 1. Testamentary Custodial Trust: This declaration is created under a will and goes into effect upon the death of the individual establishing the trust. It allows for the transfer of assets to a trustee for the benefit of minor or incapacitated beneficiaries. 2. Inter Vivos Custodial Trust: This declaration is established during the lifetime of the granter and allows for the transfer of assets to a trustee for the benefit of designated beneficiaries, which could include minors or individuals with special needs. 3. Charitable Custodial Trust: This declaration is specifically designed for charitable purposes, allowing individuals to establish a trust and direct its proceeds to be used for charitable organizations or causes. 4. Educational Custodial Trust: This type of declaration is centered around funding educational expenses. It allows for the transfer of assets to a trustee, who manages the funds and disburses them for educational purposes, such as tuition fees, books, or school supplies. The Cambridge Declaration of Trust under the Massachusetts Uniform Custodial Trust Code governs these different types of declarations, ensuring compliance with state laws and regulations. It outlines provisions regarding the appointment and removal of trustees, rules on distribution of assets, management of the trust, accounting procedures, and any specific instructions or restrictions set forth by the granter. By detailing the rights and obligations of both trustees and beneficiaries, the Cambridge Declaration of Trust promotes transparency, accountability, and clarity in custodial trust arrangements. It serves as a legal instrument that safeguards the best interests of the beneficiaries and ensures the proper administration of the trust in accordance with the Massachusetts Uniform Custodial Trust Code.

The Cambridge Declaration of Trust Under the Massachusetts Uniform Custodial Trust Code is a legal document that establishes the framework for custodial trust arrangements in the state of Massachusetts. This declaration outlines the rights, duties, and responsibilities of the trustee and beneficiaries involved in the trust. Under the Massachusetts Uniform Custodial Trust Code, there are different types of Cambridge Declarations of Trust, which cater to various purposes and arrangements: 1. Testamentary Custodial Trust: This declaration is created under a will and goes into effect upon the death of the individual establishing the trust. It allows for the transfer of assets to a trustee for the benefit of minor or incapacitated beneficiaries. 2. Inter Vivos Custodial Trust: This declaration is established during the lifetime of the granter and allows for the transfer of assets to a trustee for the benefit of designated beneficiaries, which could include minors or individuals with special needs. 3. Charitable Custodial Trust: This declaration is specifically designed for charitable purposes, allowing individuals to establish a trust and direct its proceeds to be used for charitable organizations or causes. 4. Educational Custodial Trust: This type of declaration is centered around funding educational expenses. It allows for the transfer of assets to a trustee, who manages the funds and disburses them for educational purposes, such as tuition fees, books, or school supplies. The Cambridge Declaration of Trust under the Massachusetts Uniform Custodial Trust Code governs these different types of declarations, ensuring compliance with state laws and regulations. It outlines provisions regarding the appointment and removal of trustees, rules on distribution of assets, management of the trust, accounting procedures, and any specific instructions or restrictions set forth by the granter. By detailing the rights and obligations of both trustees and beneficiaries, the Cambridge Declaration of Trust promotes transparency, accountability, and clarity in custodial trust arrangements. It serves as a legal instrument that safeguards the best interests of the beneficiaries and ensures the proper administration of the trust in accordance with the Massachusetts Uniform Custodial Trust Code.