It means exactly the opposite when the term “U/D/T” or “UDT” appears in a trusted instrument. UDT stands for “under declaration of trust”, which indicates that the Grantor and the Trustee are the same people. The licensor retains control of the assets it has placed in the trust and can only do so if the trust is revocable. The directors manage the affairs related to the trust. The trust`s business may include the prudent investment of the trust`s assets, the regular settlement and reporting to beneficiaries, the filing of necessary tax returns, and other obligations. In some cases, which depend on the trust instrument, administrators must decide, depending on the measure, whether beneficiaries should receive trust funds based on their benefits. An agent can be held personally liable for problems, although fiduciary liability insurance can be purchased like liability insurance for directors and senior executives. For example, an agent could be held liable if the assets are not properly invested. In addition, a trustee may be held liable to its beneficiaries, even if the trust has made a profit but has not given its consent. [20] However, in the United States, as with directors and senior executives, a release clause may minimize liability; Although this was previously considered contrary to public policy, this position has changed.

[21] The licensor of an irrevocable cannot take back her property. She abandons him forever when she brings him into the trust property. It cannot revoke the trust or change any of its conditions after forming it. In a relevant sense, a trust can be seen as a generic form of a company in which settlors (investors) are also the beneficiaries. This is particularly evident in the Delaware Business Trust, which could theoretically be organized with the language in the “governmental instrument” as a cooperative or limited liability company,[10]:475-6, although traditionally the Massachusetts Business Trust was often used in the United States. . . .