[word=trust] [lemma=manager | □=□] □
[word=trust] [lemma=manager | tag=□] □
[word=trust] [lemma=manager | lemma=□] □
A nongrantor trust is any trust to the extent that the assets of the trust are not treated as owned by a person other than the trust . If the settlor and all of the beneficiaries of a trust consent and none of them is under an incapacity , they can compel the termination of the trust as to a part of the trust property , although the purposes of the trust have not been accomplished and the beneficiaries without the consent of the settlor could not compel the termination of the trust . Risk and trust are not objective categories but subjective categories . Paulus gave it as his opinion that those who are obliged to contribute equal shares under the terms of a trust do not appear to be released , because certain of their colleagues , through mistake , have contributed more than was due . While direct transfers to grandchildren qualify for an automatic allocation of the GST exemption , transfers to a trust do not . In so doing , assets in the “ generation skipping ” trust are not a part of the child ’ s taxable estate at their death . Normally , an irrevocable spendthrift trust can be modified if the settlor and all the beneficiaries agree to the modification although the purposes of the trust have not been accomplished . Where an interposed entity is a discretionary trust , tracing of beneficial owners cannot occur as beneficiaries of a discretionary trust do not have fixed interests in the income or capital of the company or an interposed entity . Unlike a will , assets in a living trust do n't have to go through probate . " ( 1 ) If the settlor and all of the beneficiaries of a trust consent and none of them is under an incapacity , they can compel the termination or modification of the trust , although the purposes of the trust have not been accomplished . Also , charitable distributions from a lead trust are not subject to the normal ceiling limitations . " What 's eroding trust are not the big , big things ; it 's the little things that happen every day , " Michelle Reina says .