Example sentences of "trust for the benefit " in BNC.
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| 1 | In the case of a freehold this requires a straightforward declaration of trust for the benefit of the partners for the time being of the firm and , possibly , express provision for the retirement of a trustee on his ceasing to be a partner . |
| 2 | In the case of Drummond v Collins [ 1950 ] AC 1011 , a testator resident abroad , by his will , gave his property , which was situated abroad , to trustees upon trust for the benefit of his deceased son 's children , who were minors , for life and their issue after them , there being a provision that the trustees should accumulate the income of the respective shares of the children and add the accumulations to capital until each child should attain the age of 25 years , when the child was to become entitled to a portion of the accumulated fund . |
| 3 | Mr Smith may set up an overseas trust for the benefit of his three minor unmarried grandchildren A , B and C , giving them life interests in the fund provided that if all the trusts should fail the funds should go to the child of Mr Smith ( ie Master Smith ) , the parent of A , B and C. £100 may be settled and this may be used to purchase 50 per cent of the shares in an anticipated profitable company to be set up by Master Smith . |
| 4 | Mr Smith may set up an overseas trust for the benefit of his grandchildren . |
| 5 | The settlor transfers property to trustees to be held upon the terms of a discretionary trust for the benefit of the children of the settlor . |
| 6 | If a grandparent were to set up such an accumulation trust for the benefit of grandchildren , then income can be paid out to a grandchild when a minor and unmarried , without the income being aggregated with the income of the grandparent or the parents of the beneficiary . |
| 7 | He has set up an overseas trust for the benefit of his minor children . |
| 8 | Mr X may have put 10 per cent of the UK family company ( X Ltd ) into an overseas accumulation and maintenance trust for the benefit of his children . |
| 9 | Briefly , the facts in Vestey were that in 1942 the heads of two Vestey families conveyed certain properties to non-resident trustees to be held on discretionary trust for the benefit of the settlors ' descendants . |
| 10 | As the law presently stands , it is open for a settlor to transfer assets overseas upon an accumulation trust for the benefit of his children without there being any UK tax liability on the income as it arises overseas . |