constructive trust definition
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What is a Constructive Trust? Most simply explained, a constructive trust is an equitable remedy imposed to prevent unjust enrichment (see Simonds v Simonds, 45 NY2d 233, 242 [1978]; Sharp v Kosmalski, 40 NY2d 119 [1976]).
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Directed trust Directed trust. A directed trust is an investment trust in which the trustee is directed by a number of other trust participants in implementing the trust's execution. That trustee is referred to as a Directed Trustee. Examples of other trust participants include a distribution committee, trust protector, or investment advisor.
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- 1995) definition of trust which is as follows the willingness of a party to be vulnerable to the actions of another party, based on the expectation that the other will perform a particular action important to the trustor, irrespective of the ability to monitor or control that other party.
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constructiveadjective constructive meaning, definition, what is constructive: If advice, criticism, or actions are constructive, they are useful and intended to help…. Learn more.
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Irrevocable trust An irrevocable trust is a legal agreement whose terms cannot be changed by the creator, or grantor, who establishes the trust, chooses a trustee, and names the beneficiary or beneficiaries.
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Trust The same is not true, however, of trust in general (Baier 1986). People can trust too much or too little; and either way, their trust can be harmful since it can deprive them of the goods that go along with justified trust. Too much trust in particular leaves people open to betrayal, abuse, terror, and deception.hile the cultivation of any trust depends on what sort of mental attitude trust is, the cultivation of justified trust depends on how trust is justified (see The Epistemology of Trust). Some philosophers, most notably Baier, deny that useful rules exist for when to trust so that one’s trust will be justified.
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Fiduciary trust A fiduciary trust is a fiduciary relationship in which a trustee holds the title to assets for the beneficiary.The trust's creator is called the grantor. fiduciary trust is a fiduciary relationship in which a trustee holds the title to assets for the beneficiary.
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What is a 'Generation-Skipping Trust' Generation-Skipping Trust. What is a 'Generation-Skipping Trust'. A generation-skipping trust is a type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, not the grantor's children.
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trust Definition of trust. 1  1a : assured reliance on the character, ability, strength, or truth of someone or somethingb : one in which confidence is placed. 2  2a : dependence on something future or contingent : hopeb : reliance on future payment for property (such as merchandise) delivered : credit bought furniture on trust.
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Capture Doctrine: Trusts Capture Doctrine: Trusts The capture doctrine is a theory in trust law that exists in a few US states. If there exists evidence that the donee of a power of appointment intended to exercise control over the appointive assets, even if the exercise of the power was invalid or ineffective for some reason, she has under the capture doctrine made implied exercise of the power to herself.
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What Are Charitable Trusts? Trusts of this type generally fall into one of two main categories. Trusts which enable the grantor to receive payments during a specified period of time, after which the remaining trust property is given to charity, are know as charitable remainder trusts.
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trust Related Terms. 1. Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary). The four main types of trusts are: (1) Living: trust created by the trustor while he or she is alive. (2) Testamentary: trust established through a will and which comes into effect (is created) when the trustor dies. (3) Revocable: trust that can be modified or terminated by the trustor after its creation
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Learn About Revocable Living Trust and How It Works Estate Planning. A revocable living trust -- sometimes simply called a living trust -- is a legal entity created to hold ownership of an individual's assets. The person who forms the trust is called the grantor or trustmaker, and in most cases, he also serves as the trustee, controlling and managing the assets he placed there.
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- Confidence votes 11. Spray Trusts A spray trust or sprinkle trust is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to spray the income among the various beneficiaries.
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A Beginner's Guide to Trusts The trustmaker transfers ownership of certain assets to the trust and the trustee, and the trustee then manages them for the benefit of the beneficiary or beneficiaries. A living trust is one that is created and goes into effect during the trustmaker's lifetime. It's sometimes referred to as an inter vivos trust.
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charitable remainder trust charitable remainder trust. Definition. An arrangement in which property or money is donated to a charity, but the donor (called the grantor) continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the charity receives the principal after a specified period of time.
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DEFINITION of 'Charitable Remainder Trust' DEFINITION of 'Charitable Remainder Trust'. A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity. Next Up.
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Search Legal Terms and Definitions Constructive fraud can be proved by a showing of breach of legal duty (like using the trust funds held for another in an investment in one's own business) without direct proof of fraud or fraudulent intent.
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8 Steps to Set Up a Discretionary Trust / Family Trust A discretionary trust (also known as a family trust) is a trust in which the trustee is given the power/discretion to decide which of the beneficiaries are to benefit from the trust.he trust deed must be signed by the settlor, who must give the initial settlement sum (usually $10) to the trustee. The settlement sum can be paid by cash or cheque. The settlor is usually someone unrelated to the beneficiaries of the trust, such as an accountant, lawyer or close family friend.
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- Beneficiary Of Trust. DEFINITION of 'Beneficiary Of Trust'. A beneficiary of trust is a person for whom a trust was created, and who receives the benefits of that trust. In many instances a trust is established to prevent the exhaustion of an estate.
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- Testamentary Trusts. 1  A testamentary trust is one that is set up by a will and goes into effect when the trustor dies. Since it is not from the assets of the client, a testamentary trust is a type of 3rd party trust. 2  An individual has no control over the establishment of a testamentary trust, so the department counts only the income received.
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DEFINITION of 'Constructive Dividend' DEFINITION of 'Constructive Dividend'. A concept in U.S. taxation in which various distributions to shareholders are not labeled as dividends but are still considered dividends by the IRS and taxed as such. Constructive dividends are most commonly found in companies in which the employees are also the shareholders.
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Family Trust Law and Legal Definition Family Trust Law & Legal Definition. A family trust is a trust created to benefit persons who are related to one another by blood, affinity, or law.It can be established by a family member for the benefit of the members of the family group. Family trusts acts as an instrument to pass on the assets to future generations. family trust is a trust created to benefit persons who are related to one another by blood, affinity, or law.
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Search Legal Terms and Definitions n. when a person has title to property and/or takes possession of it under circumstances in which he/she is holding it for another, even though there is no formal trust document or agreement. The court may determine that the holder of the title holds it as constructive trustee for the benefit of the intended owner.
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What Is a Trust? What Is a Trust? A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
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What is a 'Trust' DEFINITION of 'Trust'. A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. There are two types of trusts: 1. Living Trust (inter-vivos): A trust that is in effect during the trustor's lifetime. 2.