A certain type of trust agreement is called a simple trust. Unlike most trusts where, subject to the terms of the trust, the administrators are the definitive authority to determine the management and/or distribution of the trust assets to the beneficiaries, the trustees do not participate in the active management of the trust in a simple trust, but rely on the instructions of the beneficiaries of the simple trust. 2. The acquired asset (or a replacement value) is held in trust (the holding-trust), so the fund benefits from an advantageous stake in the asset Over the years, there has been a lot of discussion about the real role of a trustee, perhaps even more so when it comes to the simple trust. There is still no unanimity within the legal community on the nature of the relationship between the trustee and the beneficial owner. A naked agent, also commonly referred to as a Nominee, has a registered title (ownership) of ownership for someone else and often that property is a country. The obligation of a mere agent is to transfer the legal property to the beneficial owner upon request. A mere agent cannot manage the trust`s assets in any other way unless ordered to do so by the beneficial owner. Often, a simple agent is a company with no other assets. A cash trust is a trust in which the beneficiary is entitled to income and capital and may require that both be transferred in his or her own name.

Assets held in a simple trust are held in the name of an agent, but the beneficiary is still entitled to the full capital and income of the trust if he or she is 18 years of age or older (in England and Wales) or 16 years of age or older (in Scotland). Trust bares are often used to transfer assets to young people – administrators take care of them until the beneficiary is old enough. [1] While the PTT exemption remains valid for cash trusts, the future benefits and use of these trusts in BC real estate transactions have recently been questioned. Specifically, a new PTT form was introduced on 17 September 2018, which requires that additional information now be disclosed when a real estate transaction takes place via a trust, including a simple trust. In addition to disclosing the rightful owner of the property, the parties must also disclose certain information about any other party interested in the property, including a party with an economic interest. These new advertising obligations apply to both residential and commercial real estate transactions. A bare trust, also known as a bare trust, is available when a person, the trustee, is only endowed with legal title to the property and has no other duty of performance or responsibility as a trustee with respect to the property entrusted to the trust. It is advisable to inform insurers of a simple trust agreement and to make it clear to each agent and the true owner as named insureds, in order to avoid the prospect that insurers refuse to claim on the grounds that a simple agent does not have an « insurable interest » for land covered by a policy. . .

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