Income Trusts in default of appointment

Spanish translation: Trust de ingresos asignados por defecto

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Income Trusts in default of appointment
Spanish translation:Trust de ingresos asignados por defecto
Entered by: Lihuel Muñoz

15:48 Mar 19, 2021
English to Spanish translations [PRO]
Law/Patents - Law: Contract(s) / Trust
English term or phrase: Income Trusts in default of appointment
Buenos días. Estoy traduciendo un escritura de constitución de un Trust y en el índice aparece este título. Se me ocurrió: "Fideicomisos de rentas en caso de falta de designación", pero no estoy segura. Muchas gracias.
Lihuel Muñoz
Local time: 11:43
Trust de ingresos asignados por defecto
Explanation:
El término Trust en español latino se usa escrito de esa forma, también se lo ve con el nombre de Fideicomiso. Es un contrato por el cual se transfiere la propiedad de ciertos bienes a otra persona para que éste los administre de acuerdo a las cláusulas mencionadas en dicho contrato
Selected response from:

María Nuñez Laluz
Uruguay
Local time: 11:43
Grading comment
Gracias a todos por las respuestas!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1Fideicomisos de Rentas en espera de nombramiento
Marcelo Viera
3Trust de ingresos asignados por defecto
María Nuñez Laluz


Discussion entries: 1





  

Answers


51 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
Trust de ingresos asignados por defecto


Explanation:
El término Trust en español latino se usa escrito de esa forma, también se lo ve con el nombre de Fideicomiso. Es un contrato por el cual se transfiere la propiedad de ciertos bienes a otra persona para que éste los administre de acuerdo a las cláusulas mencionadas en dicho contrato

María Nuñez Laluz
Uruguay
Local time: 11:43
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 4
Grading comment
Gracias a todos por las respuestas!
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
income trusts in default of appointment
Fideicomisos de Rentas en espera de nombramiento


Explanation:
• The status of the trust, discretionary or interest in possession (IIP), is determined by the trusts that apply until the power of appointment is exercised (trusts in default of appointment). Many years might pass before any appointment is made.
• In this case, after the income powers, the next clause might say, ‘Subject to and in default of appointment to William Jones for life.’ That is an IIP.
• Or it could say, ‘Subject to and in default of appointment my trustees shall pay the income as it arises to such members of the discretionary class (defined at clause…) as my trustees in their absolute discretion think fit.’ That is not an IIP.
The power of appointment hangs over any existing vested IIPs but has effect only when exercised. In deciding whether a trust is IIP or discretionary, the trust in default of appointment prevails.
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-man...



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Note added at 1 hr (2021-03-19 17:14:17 GMT)
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or "en ausencia de nombramiento"


    https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm42223
Marcelo Viera
Uruguay
Local time: 11:43
Native speaker of: Spanish
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
agree  Edier Quintana: Me gusta más "en ausencia de nombramiento".
1 hr
  -> Tienes razón
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