Podcast
Questions and Answers
What is one reason the speaker enjoys the Tress class?
What is one reason the speaker enjoys the Tress class?
What is a significant detail mentioned about the gentlemen from Louise's site?
What is a significant detail mentioned about the gentlemen from Louise's site?
What process were Joe and Bob initially leaning towards according to the speaker?
What process were Joe and Bob initially leaning towards according to the speaker?
What mistake did the speaker realize regarding the creation of foreign cities?
What mistake did the speaker realize regarding the creation of foreign cities?
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Why is working with Hague countries significant for the speaker?
Why is working with Hague countries significant for the speaker?
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What were Jennifer and Brenda's beliefs regarding EIN numbers?
What were Jennifer and Brenda's beliefs regarding EIN numbers?
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How long did the meeting with Joe and Bob reportedly last?
How long did the meeting with Joe and Bob reportedly last?
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What additional plan does the speaker mention after discussing the Hague Treaty?
What additional plan does the speaker mention after discussing the Hague Treaty?
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What is the purpose of the trust convention established on 1 July 1985?
What is the purpose of the trust convention established on 1 July 1985?
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Which of the following is NOT a characteristic of a trust according to the trust convention?
Which of the following is NOT a characteristic of a trust according to the trust convention?
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Who is responsible for the administration of a trust?
Who is responsible for the administration of a trust?
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What does the convention prioritize in regard to the law applicable to trusts?
What does the convention prioritize in regard to the law applicable to trusts?
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How does the convention facilitate cross-border recognition of trusts?
How does the convention facilitate cross-border recognition of trusts?
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What is required for a trust to fall within the scope of the convention?
What is required for a trust to fall within the scope of the convention?
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Which type of trust is explicitly excluded from the convention's scope?
Which type of trust is explicitly excluded from the convention's scope?
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The trust convention originated from which legal tradition?
The trust convention originated from which legal tradition?
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What must a contracting party declare for a trust created by judicial decision to be recognized under the convention?
What must a contracting party declare for a trust created by judicial decision to be recognized under the convention?
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What does the convention enhance for the beneficiaries involved in trusts?
What does the convention enhance for the beneficiaries involved in trusts?
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What does not fall under the preliminary issues related to the validity of trusts according to the convention?
What does not fall under the preliminary issues related to the validity of trusts according to the convention?
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What is a significant aspect of a trust, according to the definition provided?
What is a significant aspect of a trust, according to the definition provided?
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Which feature of the trust convention addresses issues of conflicting private laws?
Which feature of the trust convention addresses issues of conflicting private laws?
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What is the primary law governing a trust according to the trust convention?
What is the primary law governing a trust according to the trust convention?
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What happens if a trust is created according to the law specified in the convention?
What happens if a trust is created according to the law specified in the convention?
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Which of the following best describes Renvoy?
Which of the following best describes Renvoy?
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What aspect of trust property is emphasized in the convention?
What aspect of trust property is emphasized in the convention?
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Which of the following is excluded from the scope of the convention?
Which of the following is excluded from the scope of the convention?
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What flexibility does the trust convention provide to contracting parties?
What flexibility does the trust convention provide to contracting parties?
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How can contracting parties address trusts created before the convention's entry into force?
How can contracting parties address trusts created before the convention's entry into force?
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What is a requirement for a trust to be recognized under the convention?
What is a requirement for a trust to be recognized under the convention?
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What does the trust convention avoid concerning the law governing trusts?
What does the trust convention avoid concerning the law governing trusts?
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Which article allows contracting parties to declare the application of the convention to certain trusts?
Which article allows contracting parties to declare the application of the convention to certain trusts?
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What does Renvoy specifically refer to in conflict of laws?
What does Renvoy specifically refer to in conflict of laws?
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What is the main topic of the conversation shared by Jennifer?
What is the main topic of the conversation shared by Jennifer?
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What must be considered when dealing with foreign elements in trust law according to Renvoy?
What must be considered when dealing with foreign elements in trust law according to Renvoy?
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How long had Bob and Joe been studying RYS?
How long had Bob and Joe been studying RYS?
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What is essential for a trustee regarding the trust property?
What is essential for a trustee regarding the trust property?
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What did Bob send out related to their discussions?
What did Bob send out related to their discussions?
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Which of the following scenarios illustrates the purpose of the convention in cross-border situations?
Which of the following scenarios illustrates the purpose of the convention in cross-border situations?
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What was Joe’s primary role during the conversation?
What was Joe’s primary role during the conversation?
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What does the convention mean by 'party autonomy'?
What does the convention mean by 'party autonomy'?
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What did the participants agree was strong during their discussion?
What did the participants agree was strong during their discussion?
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What did the group discuss about the Hague Trust Treaty?
What did the group discuss about the Hague Trust Treaty?
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What aspect of trust knowledge did the participants emphasize?
What aspect of trust knowledge did the participants emphasize?
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What did Ken ask Jennifer about Bob and Joe?
What did Ken ask Jennifer about Bob and Joe?
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What role does the birth certificate play in the context of contracting?
What role does the birth certificate play in the context of contracting?
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Which document type was mentioned in relation to the birth certificate?
Which document type was mentioned in relation to the birth certificate?
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Who is identified as the debtor in the context of the birth certificate?
Who is identified as the debtor in the context of the birth certificate?
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What phrase did they use to describe understanding complex topics?
What phrase did they use to describe understanding complex topics?
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What is one characteristic of a trust as mentioned in the context?
What is one characteristic of a trust as mentioned in the context?
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What did Jennifer hope to achieve by playing part of the video?
What did Jennifer hope to achieve by playing part of the video?
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Who acts as the authorized party to sign on behalf of the birth certificate?
Who acts as the authorized party to sign on behalf of the birth certificate?
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What transaction possibility was discussed in relation to the trust?
What transaction possibility was discussed in relation to the trust?
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What does the term 'trustee' refer to in this context?
What does the term 'trustee' refer to in this context?
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What was the conclusion about using a non-Hague country?
What was the conclusion about using a non-Hague country?
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Which statement correctly identifies the parties involved in the agreement?
Which statement correctly identifies the parties involved in the agreement?
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What does the state claim over the birth certificate?
What does the state claim over the birth certificate?
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What is the purpose of the birth certificate as discussed?
What is the purpose of the birth certificate as discussed?
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In which capacity does the individual act in the context of their relationship with the birth certificate?
In which capacity does the individual act in the context of their relationship with the birth certificate?
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What must the convention specify regarding trusts?
What must the convention specify regarding trusts?
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How is the title to the trust asset designated?
How is the title to the trust asset designated?
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What can affect the relationship of the parties involved in a trust?
What can affect the relationship of the parties involved in a trust?
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What is implied about the role of the government in individual contracts?
What is implied about the role of the government in individual contracts?
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Which of the following does NOT describe the birth certificate's nature?
Which of the following does NOT describe the birth certificate's nature?
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What do the characteristics of a trust establish about its assets?
What do the characteristics of a trust establish about its assets?
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What is the main consideration when determining the law applicable to the validity of a trust?
What is the main consideration when determining the law applicable to the validity of a trust?
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Which of the following is NOT a clause implied by the recognition of a trust?
Which of the following is NOT a clause implied by the recognition of a trust?
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What is required for a trustee to register assets in their capacity as a trustee?
What is required for a trustee to register assets in their capacity as a trustee?
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Under which condition might a state NOT recognize a trust?
Under which condition might a state NOT recognize a trust?
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What does the convention state regarding the law defined by the conflicts rules of the forum?
What does the convention state regarding the law defined by the conflicts rules of the forum?
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Which of the following matters does NOT fall under the provisions that cannot be derogated?
Which of the following matters does NOT fall under the provisions that cannot be derogated?
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What must a contracting state do to extend the provisions of the convention to trusts declared by judicial decision?
What must a contracting state do to extend the provisions of the convention to trusts declared by judicial decision?
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Which article defines 'law' in relation to the Convention?
Which article defines 'law' in relation to the Convention?
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What happens if the application of the provisions of the convention is manifestly incompatible with public policy?
What happens if the application of the provisions of the convention is manifestly incompatible with public policy?
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What is a possible reservation a contracting state can make regarding the convention?
What is a possible reservation a contracting state can make regarding the convention?
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What occurs when recognition of a trust is prevented under applicable laws?
What occurs when recognition of a trust is prevented under applicable laws?
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What aspect of trust law does Article 19 refer to?
What aspect of trust law does Article 19 refer to?
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What rights do personal creditors of the trustee have concerning trust assets?
What rights do personal creditors of the trustee have concerning trust assets?
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Which article states that the convention does not prevent applying more favorable law provisions for recognition of trusts?
Which article states that the convention does not prevent applying more favorable law provisions for recognition of trusts?
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Which aspect is specifically excluded from the recognition privileges of trusts?
Which aspect is specifically excluded from the recognition privileges of trusts?
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What is the primary focus of Article 5 regarding the convention's applicability?
What is the primary focus of Article 5 regarding the convention's applicability?
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According to Article 7, what happens when no law has been chosen for a trust?
According to Article 7, what happens when no law has been chosen for a trust?
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Which factor is NOT considered when determining the law with which a trust is most closely connected?
Which factor is NOT considered when determining the law with which a trust is most closely connected?
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What does Article 8 specify as governed by the law under Article 607?
What does Article 8 specify as governed by the law under Article 607?
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In relation to trusts, what is the significance of a trustee's powers as outlined in Article 8?
In relation to trusts, what is the significance of a trustee's powers as outlined in Article 8?
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If the law chosen for a trust does not provide for that specific type of trust, what is the outcome according to Article 5?
If the law chosen for a trust does not provide for that specific type of trust, what is the outcome according to Article 5?
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Which aspect of trust administration is mentioned as potentially governed by a different law according to Article 9?
Which aspect of trust administration is mentioned as potentially governed by a different law according to Article 9?
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What is suggested to be added to Louise's proxy name trust?
What is suggested to be added to Louise's proxy name trust?
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What must be true for a law chosen by the settler to be effective according to Article 5?
What must be true for a law chosen by the settler to be effective according to Article 5?
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How does the trust law in the referenced foreign country differ from that in the speaker's jurisdiction?
How does the trust law in the referenced foreign country differ from that in the speaker's jurisdiction?
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What are trustees allowed to do in regard to their duties as outlined in Article 8?
What are trustees allowed to do in regard to their duties as outlined in Article 8?
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What is the purpose of the 'new 98' referenced in the conversation?
What is the purpose of the 'new 98' referenced in the conversation?
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What does the speaker mean by the term 'proxy nickname'?
What does the speaker mean by the term 'proxy nickname'?
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What potential limitation is placed on trustees regarding the accumulation of income from the trust as per Article 8?
What potential limitation is placed on trustees regarding the accumulation of income from the trust as per Article 8?
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Why is there a need for forms like the SS4 in establishing a trust?
Why is there a need for forms like the SS4 in establishing a trust?
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Which law must govern the validity and construction of a trust according to Article 8?
Which law must govern the validity and construction of a trust according to Article 8?
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Which is NOT a consideration when assessing the law most closely connected to a trust as per Article 7?
Which is NOT a consideration when assessing the law most closely connected to a trust as per Article 7?
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What is indicated about the speaker's previous trust agreements?
What is indicated about the speaker's previous trust agreements?
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What process is mentioned concerning the receiver of a '98 EIN'?
What process is mentioned concerning the receiver of a '98 EIN'?
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What is implied when a settler chooses God's law as the governing law for their trust?
What is implied when a settler chooses God's law as the governing law for their trust?
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In the context of trusts, what does the 'settler' refer to?
In the context of trusts, what does the 'settler' refer to?
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How does the speaker's chosen proxy name differ from the one used previously?
How does the speaker's chosen proxy name differ from the one used previously?
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What is stated about the handling of birth certificate names during the trust process?
What is stated about the handling of birth certificate names during the trust process?
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What role does registered mail have in establishing business recognition?
What role does registered mail have in establishing business recognition?
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What can be inferred about the intention behind creating a new trust?
What can be inferred about the intention behind creating a new trust?
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What does the speaker imply about the knowledge of trusts in the foreign country?
What does the speaker imply about the knowledge of trusts in the foreign country?
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What is the significance of the T number discussed in the context of trusts?
What is the significance of the T number discussed in the context of trusts?
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What must a contracting state do to withdraw a reservation it has made?
What must a contracting state do to withdraw a reservation it has made?
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What happens when a state does not make a declaration under Article 29 regarding territorial units?
What happens when a state does not make a declaration under Article 29 regarding territorial units?
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When does a denunciation of the convention take effect?
When does a denunciation of the convention take effect?
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What is required from states for the convention to enter into force?
What is required from states for the convention to enter into force?
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What is the timeline for a state to notify objections to an ascension?
What is the timeline for a state to notify objections to an ascension?
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Which articles outline the reservations that can be made by a contracting state?
Which articles outline the reservations that can be made by a contracting state?
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What happens if a contracting state makes a declaration under Article 29?
What happens if a contracting state makes a declaration under Article 29?
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What is the function of the Ministry of Foreign Affairs of the Kingdom of the Netherlands regarding the convention?
What is the function of the Ministry of Foreign Affairs of the Kingdom of the Netherlands regarding the convention?
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Which statement is true about states with multiple territorial units under different laws?
Which statement is true about states with multiple territorial units under different laws?
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What must happen before the convention can be signed by states according to Article 27?
What must happen before the convention can be signed by states according to Article 27?
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What role does the 98EIN play in the context discussed?
What role does the 98EIN play in the context discussed?
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What does Article 32 require the Ministry to notify about?
What does Article 32 require the Ministry to notify about?
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What is indicated about the relationship between the IRS and the Department of the Treasury?
What is indicated about the relationship between the IRS and the Department of the Treasury?
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How many authoritative languages are used for the convention as stated in the last part?
How many authoritative languages are used for the convention as stated in the last part?
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Which type of trust is mentioned as the foundation for the discussed trust agreement?
Which type of trust is mentioned as the foundation for the discussed trust agreement?
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Which article specifies how the convention would enter into effect after ratification?
Which article specifies how the convention would enter into effect after ratification?
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What is the concern about using the Social Security number in the agency creation?
What is the concern about using the Social Security number in the agency creation?
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What is NOT permitted regarding reservations made by contracting states?
What is NOT permitted regarding reservations made by contracting states?
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What does Article 25 mention regarding the convention's relation to other international instruments?
What does Article 25 mention regarding the convention's relation to other international instruments?
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What does the speaker suggest is needed in order to connect the proxy nickname and legal name?
What does the speaker suggest is needed in order to connect the proxy nickname and legal name?
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What is referred to as the entitlement holder in the trust formation process?
What is referred to as the entitlement holder in the trust formation process?
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What purpose does the CSA serve in the context of agency creation?
What purpose does the CSA serve in the context of agency creation?
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What does the speaker identify as crucial for the trust agreement regarding status change?
What does the speaker identify as crucial for the trust agreement regarding status change?
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How is the legal title involved in the trust formation process?
How is the legal title involved in the trust formation process?
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What does the speaker suggest is necessary for a successful trust agreement?
What does the speaker suggest is necessary for a successful trust agreement?
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What is required to be established before proceeding with the trust agreement?
What is required to be established before proceeding with the trust agreement?
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Why is the sole proprietor still considered necessary in the discussion?
Why is the sole proprietor still considered necessary in the discussion?
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Which concept is central to the formation of the trust agreement involving the proxy nickname?
Which concept is central to the formation of the trust agreement involving the proxy nickname?
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What does the speaker imply about learning together as a community?
What does the speaker imply about learning together as a community?
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What type of trust did the speaker refer to when discussing the establishment process in the United States?
What type of trust did the speaker refer to when discussing the establishment process in the United States?
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What is indicated to be necessary for proving life in a system that declared individuals as dead?
What is indicated to be necessary for proving life in a system that declared individuals as dead?
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What concept did the speaker explain in relation to the trust agreement?
What concept did the speaker explain in relation to the trust agreement?
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What was emphasized about the non-resident trust in the discussion?
What was emphasized about the non-resident trust in the discussion?
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In the context of trusts, what does the term 'inter vivos' refer to?
In the context of trusts, what does the term 'inter vivos' refer to?
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What is the relationship between the living trust and proving existence according to the speaker?
What is the relationship between the living trust and proving existence according to the speaker?
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What role does the United States play according to the trust setup discussed?
What role does the United States play according to the trust setup discussed?
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How is the concept of being 'born again' described in the context of the discussion?
How is the concept of being 'born again' described in the context of the discussion?
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What is the primary purpose of checking specific boxes when applying for a trust number?
What is the primary purpose of checking specific boxes when applying for a trust number?
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What misconception does the speaker aim to clarify regarding the trust agreement?
What misconception does the speaker aim to clarify regarding the trust agreement?
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What did the speaker suggest about titling assets after recovery?
What did the speaker suggest about titling assets after recovery?
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Which term is associated with the kind of trust that is set up for beneficiaries during a person's lifetime?
Which term is associated with the kind of trust that is set up for beneficiaries during a person's lifetime?
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What was the topic of the video that the speaker mentioned watching multiple times?
What was the topic of the video that the speaker mentioned watching multiple times?
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What does the term 'EIN' refer to in the context of trust agreements?
What does the term 'EIN' refer to in the context of trust agreements?
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What is the main purpose of a private express trust according to the speaker?
What is the main purpose of a private express trust according to the speaker?
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Which type of law does the speaker indicate is preferred for governing the private express trust?
Which type of law does the speaker indicate is preferred for governing the private express trust?
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Who receives a copy of the trust agreement?
Who receives a copy of the trust agreement?
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How does the speaker liken the regulations affecting a child's lemonade stand?
How does the speaker liken the regulations affecting a child's lemonade stand?
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What is the allowance for trustees regarding the management of property?
What is the allowance for trustees regarding the management of property?
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In the context of a trust, what does the term 'governed by their own laws' imply?
In the context of a trust, what does the term 'governed by their own laws' imply?
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What is the relationship between the trust agreement and the laws governing a trust?
What is the relationship between the trust agreement and the laws governing a trust?
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What is indicated about the access of foreign countries to do business in the U.S. through trusts?
What is indicated about the access of foreign countries to do business in the U.S. through trusts?
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What analogy does the speaker use to explain the operations of trustees under a trust?
What analogy does the speaker use to explain the operations of trustees under a trust?
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What does the mention of the IRS and Treasury Department imply about their role concerning trusts?
What does the mention of the IRS and Treasury Department imply about their role concerning trusts?
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What is a primary role of either the settlor or the trustee in relation to obtaining a T number?
What is a primary role of either the settlor or the trustee in relation to obtaining a T number?
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What is suggested as potentially beneficial to understand trust laws?
What is suggested as potentially beneficial to understand trust laws?
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Which statement reflects the jurisdiction challenges mentioned regarding trust laws?
Which statement reflects the jurisdiction challenges mentioned regarding trust laws?
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What does mention of the Netherlands suggest regarding the Hague Convention?
What does mention of the Netherlands suggest regarding the Hague Convention?
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Why is the idea of 'closest laws' important in the context of trust law?
Why is the idea of 'closest laws' important in the context of trust law?
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What is the implication of claiming that the U.S. operates similarly to foreign entities?
What is the implication of claiming that the U.S. operates similarly to foreign entities?
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What aspect of the IRS was mentioned in connection with treaties?
What aspect of the IRS was mentioned in connection with treaties?
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What confusion arises regarding the roles of the settlor and trustee?
What confusion arises regarding the roles of the settlor and trustee?
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Which detail regarding the discussion about shared knowledge was emphasized?
Which detail regarding the discussion about shared knowledge was emphasized?
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What is a concern expressed about the status of trust law?
What is a concern expressed about the status of trust law?
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What was the speaker's reaction to the introduction of the Hague Convention?
What was the speaker's reaction to the introduction of the Hague Convention?
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How does the discussion suggest that trust law may be interpreted differently globally?
How does the discussion suggest that trust law may be interpreted differently globally?
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What was suggested as a potential solution for trust law ambiguities?
What was suggested as a potential solution for trust law ambiguities?
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What aspect of U.S. law did the speaker compare to international commerce?
What aspect of U.S. law did the speaker compare to international commerce?
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Study Notes
Hague Treaty Discussion
- Meeting with gentlemen in Louise's site (America) discussed using Hague Treaty for trust.
- Key takeaway: The Hague Treaty of 1985 allows trusts to operate across jurisdictions with treaties.
- Problem with current setup: Trusts formed in non-Hague countries are not recognized by the US because no treaty exists.
- Hague Treaty specifics: It details the law applicable to trusts and governs their recognition, prioritizes the settler's chosen law, and specifies a method for determining applicable law if no choice is made.
- Trust characteristics: Assets are separate from the trustee's estate; title is in the trustee's name; trustee manages assets according to trust terms.
- Scope of Convention: Applies to voluntarily created trusts, evidenced in writing. It does not apply to wills, preliminary issues of validity, or fiscal matters.
- Contracting parties: States can choose to apply the convention (in whole or part) via declaration.
- Article 7 of Hague Treaty: If settler doesn't specify a governing law, the trust is governed by the law most closely connected. Connection criteria: (place of administration, assets, trustee's residence/business, beneficiary location)
98 EIN and Non-Resident Status
- A 98 EIN is a non-resident number and can be used by a trust formed in a Hague Treaty country.
- Current 98s are unusable in non-treaty countries.
- Proposed strategy: Use the Hague Treaty as identifying city for trust agreement and obtain a 98 EIN.
Trust Agreement and Proxies
- Trust agreement details: Parties (settler, trustee, beneficiaries) and governing laws.
- Proxy names: Individuals using proxy names (e.g., first and middle name). Social security number as responsible party.
- Using a living person's name for the trust, instead of a proxy name.
- Connecting to existing trusts: The 98 EIN is part of this new trust agreement. Transferring assets.
Applying Trust Concepts
- Creating a new trust agreement based on trust laws is needed.
- This trust agreement will have the new trust's specifics laid out to ensure the trustee can operate.
- Mirror imaging: Canada's intro vivos trust concept (living trust) is relevant since those in the US may be considered deceased in the system. Using this concept, you create a living trust that works under US law, once the system is reorganized, as if you were in a living status, so assets aren't lost or compromised.
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Description
Join us for a detailed discussion on the Hague Treaty of 1985 and its implications for trusts operating across different jurisdictions. This quiz will explore key aspects such as recognition of trusts, applicable laws, and the scope of the convention. Test your understanding of how the treaty facilitates cross-border trust management and its limitations.
