trust definition law
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Trusts Law and Legal Definition Trusts Law & Legal Definition. A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property.rusts Law & Legal Definition. A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property.
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Trusts Statutory trusts are those, which like corporations, are established by and through a law created by the legislature of your state. Such trusts are imbued by the legislature with certain financial advantages (e.g. exempting certain property from State taxation of one form or another).
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Private Law Definition: The 2006 edition of the Oxford Dictionary of Law: The part of the law that deals with such aspects of relationships between individuals that are of no direct concern to the state. It includes the law of property and trust, family law, the law of contract, mercantile law and the law of tort. Similarly, Jowitt's Dictionary of English Law suggests that the term civil law is synonymous with private law: Private or civil law deals with those relations between individuals with which the state is not directly concerned: as in the relations between husband and wife, parent and child, and the various kinds of property, contracts, torts, trusts, legacies, the right recognized by the rules of admiralty, etc.
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trustor Noun. 1. trustor - (law) a person who creates a trust by giving real or personal property in trust to a trustee for the benefit of a beneficiary; a person who gives such property is said to settle it on the trustee. settlor. bestower, conferrer, donor, giver, presenter-person who makes a gift of property.
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Cocaine Fortunately, there is help! If you or someone you love is addicted to cocaine, consider the benefits of seeking help today. You can get sober, regain control of your life and take back your happiness. Cocaine addiction is difficult to deal with and challenging to overcome but you can do it, recovery is possible.1  Related Articles. 2  Find Help Today.f you or someone you love is addicted to cocaine, consider the benefits of seeking help today. You can get sober, regain control of your life and take back your happiness. Cocaine addiction is difficult to deal with and challenging to overcome but you can do it, recovery is possible. 1  Related Articles. 2  Find Help Today.
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United States trust law The UTC states that a trust is valid if, under the law of the jurisdiction in which it was created, it was properly created. In most cases, this would be the law of the jurisdiction of the grantor's domicile. Trusts must also, under the Code, have a lawful purpose which is possible to achieve.
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breach of trust breach of trust - violation (either through fraud or negligence) by a trustee of a duty that equity requires of him. breach of contract - a breach of a legal duty; failure to do something that is required in a contract.
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- Unlike a company, a trust is not a separate legal entity. Trusts are often used in connection with running a business for the benefit of others. A trust is a structure where a trustee (an individual or company) carries out the business on behalf of the members (or beneficiaries) of the trust.
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United States trust law DEFINITION of 'Trustor'. An individual or organization that gifts funds or assets to others by transferring fiduciary duty to a third party trustee that will maintain the assets for the benefit of the beneficiaries. Next Up. Also referred to as a grantor, the trustor is the party that generally donates or gifts assets to others.
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JURISPRUDENCE 1. trustee-a person (or institution) to whom legal title to property is entrusted to use for another's benefit. legal guardian. law, jurisprudence-the collection of rules imposed by authority; civilization presupposes respect for the law; the great problem for jurisprudence to allow freedom while enforcing order.
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- Testamentary trust. 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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Living Trust Information A trust is an arrangement whereby property is managed by one person, called the trustee, for the benefit of another person, called the beneficiary. The trustee holds legal title to the property, and owes a fiduciary duty to the trustee.The trust is created by the grantor, who entrusts his or her property to the trustee for the benefit of the beneficiary of his or her choice.The grantor does not have to designate someone else to be the trustee, but may choose to be the trustee himself.he trust is created by the grantor, who entrusts his or her property to the trustee for the benefit of the beneficiary of his or her choice. The grantor does not have to designate someone else to be the trustee, but may choose to be the trustee himself.
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Trust law A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed.
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Constructive trust A constructive trust is an equitable remedy resembling a trust (implied trust) imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding legal right to property which they should not possess due to unjust enrichment or interference.n a constructive trust the defendant breaches a duty owed to the plaintiff. The most common such breach is a breach of fiduciary duty. A controversial example is the case of Attorney-General for Hong Kong v Reid, in which a senior prosecutor took bribes not to prosecute certain offenders.
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Definition of a Living Trust A trust is an arrangement in which one or more people manage or take care of property for someone else's benefit. A living trust is a trust that is created during your lifetime. In other words, while you are still alive, you transfer title to your property from your name to that of the trustee of the living trust.
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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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trustee 1. Law The person in a trust relationship who holds title to property for the benefit of another. 2. A member of a board elected or appointed to direct the funds and policy of an institution. 3.
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- Trustor definition: (in property law ) a person who sets up a trust transferring property to another person | Meaning, pronunciation, translations and examples English Dictionary | Thesaurus | Translator | Grammar | Scrabble | Blog
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- breach of trust a failure by a trustee to discharge the duties imposed on him by the terms of the trust or by the general law in relation to the trust property or the beneficiaries. breach of trust.
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- Trust (emotion) In a social context, trust has several connotations. Definitions of trust typically refer to a situation characterized by the following aspects: One party (trustor) is willing to rely on the actions of another party (trustee); the situation is directed to the future.
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Miller Trust Law and Legal Definition Miller Trust Law and Legal Definition. A Miller Trust makes Social Security and other income exempt from calculations of income and resources if the state is reimbursed from the trust for Medicaid expenses upon the recipient's death. In this situation, the applicant assigns all of their non-exempt income to an irrevocable trust.
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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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The intestinal stem cell As indicated above, the crypts of the small intestine and colon have long been known to harbor a functional stem cell compartment (Marshman et al. 2002; Bjerknes and Cheng 2006), yet a paucity of unique molecular markers has hampered the definitive identification of the stem cells proper.he anatomy of the intestinal crypt is uniquely suited to study adult stem cells in their niche. With the Lgr5- and Bmi-based genetic tools in hand, it is now possible to visualize, isolate, and genetically modify the stem cells of the adult intestine at will.
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Living Trust Information A trust is an arrangement whereby property is managed by one person, called the trustee, for the benefit of another person, called the beneficiary. The trustee holds legal title to the property, and owes a fiduciary duty to the trustee.
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Trust company Trust company. For other uses, see Trust company (disambiguation). A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of trusts and in managing estates.
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Trust Cost Tweet. Comments (2). 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: Whether it's a testamentary or living trust, the trustee is legally entitled to be paid for any work done, and can take reasonable fees out of the estate. 2  This will vary depending on the amount of work required and the complexity and value of the trust.