trust definition
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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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DEFINITION of 'Marital Trust' A fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple's heirs. Also called an A trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income generated by the assets goes to the surviving spouse. Under some arrangements, the surviving spouse can also receive principal payments.
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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.
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What is a Trust Fund? A trust fund is a financial tool that holds and administers assets for the benefit of another person or organization, called a beneficiary. The initial assets for the fund are provided by a grantor or donor, and a trustee or team of trustees manages the funds according to that person's instructions. The beneficiary receives payment from the fund as a lump sum or in periodic installments, according to the terms of the trust.
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- Trustee definition, a person, usually one of a body of persons, appointed to administer the affairs of a company, institution, etc. See more.
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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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Overview A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently. Trusts involve: the ‘settlor’ - the person who puts assets into a trust. the ‘trustee’ - the person who manages the trust.
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Trustee Trusteeship redirects here. For other uses, see Trusteeship (disambiguation). Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also refer to a person who is allowed to do certain tasks but not able to gain income.
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Wills, Trusts & Joint Tenancy A trust is a type of legal entity that is set up to hold property or assets for the benefit of an individual. The person who sets up the trust, or the grantor, puts the assets in the possession of another individual, known as the trustee.
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A Brief Overview of a Trustee's Duties A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a trustee, holds legal title to property for another person, called a beneficiary.. If you have been appointed the trustee of a trust, this is a strong vote of confidence in your judgment and probity.
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Trust Cost A trust is a legal relationship which sets up a person or company (the trustee) to manage property for the benefit of another (the beneficiary). A trust is an estate-planning tool that can be used in addition to or instead of a will. Typical costs:
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administration ADMINISTRATION, trusts. The management of the estate of an intestate, a minor, a lunatic, an habitual drunkard, or other person who is incapable of managing his own affairs, entrusted to an administrator or other trustee by authority of law.
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Trust Definition: A legal obligation given by a person called the donor or settlor, binding upon the trustee, for the benefit of another person (the beneficiary, cestui que trust or donee).Historically, a trust was known to the English law as a use : A trust is altogether the same that a use was...... a fiduciary relationship with respect to property, subjecting the person by whom the title to property is held to equitable duties to deal with the property for the benefit of another person, which arises as a result of a manifestation of an intention to create it..
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Simple trust (See: trust) SIMPLE TRUST. A simple trust corresponds with the ancient use, and is where property is simply vested in one person for the use of another, and the nature of the trust, not being qualified by the settler, is left to the construction of law. It differs from a special trust. (q.v.) 2 Bouv. Inst.
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- DEFINITION of 'Living Trust'. A property interest created during a person's life that allows easy transfer of assets without going through the process of probate. A living trust is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive. This is different compared to other types of trusts that are created through the person's will. Also known as inter-vivos trust.
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- A trust is created by a settlor or grantor (the terms are interchangeable) who funds or gives property to the trust. As the trust creator, the grantor sets the terms under which the donated assets shall be managed and distributed. The grantor names one or more trustees. The trustee may be the grantor.
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Trusts Explained A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. Trusts Explained. A trust is a separate legal entity a person sets up to manage his assets. Once assets are placed inside a trust, a person known as a trustee manages them.
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Definition of a Trust In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. A trust is formed under state law. You may wish to consult the law of the state in which the organization is organized. Note that for a trust to qualify under section 501(c)(3) of the Code, its organizing document must contain certain language. Publication 557 contains suggested language. Continue
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Testamentary trust (April 2010) A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in his or her will. A will may contain more than one testamentary trust, and may address all or any portion of the estate.
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breach of trust breach of trust. n. 1) any act which is in violation of the duties or a trustee or of the terms of a trust. Such a breach need not be intentional or with malice, but can be due to negligence. 2) breaking a promise or confidence. (See: breach) See: abuse, corruption, disloyalty, embezzlement, improbity, infidelity, infraction, misappropriation
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The Voice Â® Newsletter Trustee — A trustee is the person or entity who manages the trust assets and administers the trust provisions. A trustee can be a family member, friend or colleague of the beneficiary, a professional, or a combination of the two. A professional trustee generally is a corporate trust department or an attorney.
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Trust law In the simplest terms, a trust is a three-party arrangement in which the founder of. the trust (commonly known as the donor, grantor, or settlor) transfers legal title of the. trust property (a res) to a trustee (a fiduciary with respect to the property) to hold and to.
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Business Trust Law and Legal Definition Business Trust Law & Legal Definition. Business trust is a form of business organization which is similar to a corporation, in which investors receive transferable certificates of beneficial interest.n some states, a business trust is subject to the laws of trusts whereas in other states the laws of corporations or partnerships govern its existence.
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What is a 'Trust Company' Trust Company. What is a 'Trust Company'. A trust company is a legal entity that acts as a fiduciary, agent or trustee on behalf of a person or business entity for the purpose of administration, management and the eventual transfer of assets to a beneficial party.
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- A Trust is an obligation (set out in a document called the Deed) which requires a Trustee (company or person(s)) who control the assets of the Trust for the benefit of the Trust's members.trust Deed A Trust Deed is a document that sets out the rights and obligations of all parties involved in the Trust.he payment mechanism will also apply where an employer has an obligation to make a redundancy payment under the redundancy provisions of an award, not withstanding that the award definition of redundancy differs from the Trust Deed definition.
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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.