Differences between estates and trusts-executorship laws, Financial Accounting

Assignment Help:

Differences between estates and trusts

Note particularly the following differences between estates and trusts:—

1. Estate: on the death of a testator or an intestate, all assets, including income accrued up to the date of death, are capital: income arising after death is income.

2. Trust:

  • On the death of a life tenant under a settlement, if followed by a remainderman, all income up to the date of death belongs to the life tenant's estate:income arising after the death of the life tenant, together with the assets of the trust, is due to the remainderman;
  • On the death of a life tenant under a settlement who is succeeded by a further life tenant, income accrued up to the death of the former life tenant is due to his estate: income accruing after his death is due to the succeeding life tenant.

Related Discussions:- Differences between estates and trusts-executorship laws

Amalgamation of partnership, Please I need assistance with steps to prepare...

Please I need assistance with steps to prepare amalgamation

Bond Amortization, How do you show bond amortization on a spreadsheet and t...

How do you show bond amortization on a spreadsheet and then in journal entries and compute interest payments?

Carriage inwards, difference between carriage inwards and carriage out ward...

difference between carriage inwards and carriage out wards

Sundry matters-financial statement , Sundry Matters 1) The accounting ...

Sundry Matters 1) The accounting system is also appropriate for departmental accounts. 2) The branch stock account is a practical means of controlling stock at the branch.

Holding company with more than one subsidiary company, Holding company with...

Holding company with more than one subsidiary company Under this type of structure, the holding company controls more than one company. For example H ltd may Own 80% of S1, 75%

Financial and Managerial Accounting 9e, I need extra help with receivable t...

I need extra help with receivable turnover, days'' sales uncollected, and bank reconciliation.

Objectives, what are the types and objectives of international accounting s...

what are the types and objectives of international accounting standersds?

Show the calculations and journal entries, In the current year, Company A i...

In the current year, Company A is formed with $630,000 in capital from the sale of 21,000 shares of stock at $30 a share. Company A, which has no other operations, immediately acqu

Inter-company transactions and balances, INTER-COMPANY TRANSACTIONS AND BAL...

INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between

Fully secret trusts-secret trusts-trusts laws, Fully secret trusts This...

Fully secret trusts This is where neither the existence nor the terms of the trust are disclosed in the will. The trust will be enforced only if the following conditions are

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd