A verbal or written arrangement whereby one person or persons (trustees) agree to take care of assets and to use those assets in particular ways for particular people (beneficiaries).
An arrangement where trustees (those responsible for the trust) hold assets for the benefit of particular people (the beneficiaries). The trust deed will set out how the trustees must deal with the income and capital of the trust.
Ancient legal practice where one person (the grantor) transfers the legal title to an asset, called the principle or corpus, to another person (the trustee), with specific instructions about how the corpus is to be managed and disposed.
An arrangement made legally where a trustee holds a title to assets for the benefit of another person or group of people.
An entity created to hold assets for the benefit of certain persons or entities, with a trustee managing the trust.
an arrangement under which an individual (the settlor) transfers property to a person or institution (the trustee) to be managed for the benefit of one or more beneficiaries.
A trust which may not be terminated after its creation by the grantor
any arrangement in which property is to be held and administered by a trustee for the benefit of those for whom the trust was created. Depending on the type and how it is established, a trust may be revocable (changeable) or irrevocable (not changeable)
A legal agreement created to control the distribution of assets for the benefit of one or more parties, including the surviving spouse, children, or charities.
A legal arrangement in which one individual or trust company is responsible for holding and managing the assets for the benefit of another.
A relationship between persons by which one holds property for the use and benefit of another. The relationship is called fiduciary.
A comprehensive, personalized asset management plan that accomplishes specific purposes for the maker of the trust and the trust's beneficiaries. The donor may serve as the trustee.
A legal arrangement in which an individual (the trustor) gives fiduciary control of property to a person or institution (the trustee) for the benefit of one or more beneficiaries. For more information, visit How Living Trusts Avoid Probate.
An arrangement through which property is held and managed by a trustee for the benefit of others. Irrevocable Trust: A trust that cannot be revoked by the person creating it. Inter Vivos or Living Trust: A trust established and effective during the lifetime of the person creating it. Revocable Trust: A trust that may be revoked by the person creating it. Spendthrift Trust: A trust drawn to protect the beneficiary from creditors or an inability to manage or administer personal financial affairs. Testamentary Trust: A trust created by a will.
a written document, creating a legal entity to take over ownership of property, documents, request or other assets on behalf of the grantor.
An equitable right or interest in a property distinct from the actual legal ownership of said property. Temporary or conditional terms exist under a trust until ownership can legally be transferred. The more common types of trusts are as follows: A-B Trust, Charitable Trust, Credit Equivalent Bypass Trust (CEBT), Crummey Trust, Inter-Vivo Trust (CEBT), Life Insurance Trust, Living Trust, Marital Trust, Minor's Trust (Section 2503(c), Pourover Trust, Qualified Domestic Trust (QDOT), Qualifying Terminable Interest Property (QTIP) Trust, Secular Trust, Rabbi Trust, and Testamentary Trust.
Generally, the assumption that an entity will behave substantially as expected. Trust may apply only for a specific function. The key role of this term in an authentication framework is to describe the relationship between an authenticating entity and a certificate authority (CA). An authenticating entity must be certain that it can trust the CA to create only valid and reliable certificates, and users of those certificates rely upon the authenticating entity's determination of trust.
a legal document which specifies the terms and conditions for managing certain assets—and designates a person to manage (act as a trustee of) those assets. The trustee is responsible for making sure that assets are managed properly and ultimately administered to beneficiaries of the trust, as outlined by the person who created the trust, typically referred to as the trustor, settlor or donor.
A legal arrangement in which an individual (the trustor) gives fiduciary control of property to a person or institution (the trustee) for the benefit of beneficiaries. Also, a monopolistic corporation, prior to the enactment of antitrust laws. see also real estate investment trust, alternative minimum tax, Bank Trust Department, blind trust, breach of trust, bypass trust, revocable trust, irrevocable trust, cartel, charitable remainder trust, charitable lead trust, investment trust, collateral trust certificate, fiduciary, corporate trust, deed of trust, depository trust company, Depository Trust Company, discretionary trust, inter vivos trust, ESOP, equitable owner, estate planning, fiscal agent, Generation-Skipping Transfer, Ginnie Mae trust, grantor, individual policy pension trust, nondiscretionary trust, power of appointment, REIT, revisionary trust, testamentary trust, Uniform Gift to Minors Act, unit investment trust, voting trust.
A relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control ...
A legal entity created to protect the assets or money of another - usually minor heirs. A testamentary trust is created in a person's will, while an inter vivos trust is already created during his lifetime.
A legal mechanism through which a person or organization administers assets and their use for the benefit of one or more designated persons.
An arrangement where one party (the trustee) holds legal title to the property for the benefit of one or more beneficiaries.
A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person or entity, called a beneficiary. The one who conveys the trust is called the truster.
A fund established under local trust law to hold and administer the assets of a plan.
A legal entity set up by a person to hold assets generally for the benefit of another person or persons. A trust is administered by an appointed trustee.
means an arrangement where property is held by one or more people (the trustees) at the request of another person (the settlor) for the benefit of a third party (the beneficiary), or for charitable purposes. Trusts are governed by a document called a trust deed and may have a number of purposes. However, to comply with the Charities Act 2005, only one of those purposes needs to be charitable.
A fiduciary relationship in which one person is the holder of title to property subject to an obligation to keep or use the property for the benefit of another. A fiduciary is one who holds something in trust for another and is usually called the trustee. The property contributed to a CRT is held by the trustee in trust for the benefit of the income recipients and the charitable remaindermen.
A legal relationship in which one party holds legal title to property for the benefit of another, without maintaining ownership of that property.
A legal entity created by a grantor for the benefit of designated beneficiaries. A retiree may designate a trust as the beneficiary for his or her $4,000 death benefit.
An abbreviated term for the Arabian Horse Trust; also a declaration by an owner that from a given date, specified property will be held in trust for beneficiaries.
a legal entity created by a grantor under which a trustee takes legal title to and manages property transferred into the trust
An obligation recognised at law, upon the legal owner of property, to hold property wholly or partly for the benefit of another person.• De Facto Property Settlement
Trust is an evaluation, by an entity, of the reliablity of an identity when the identity is involved in interactions. [See also: Trust is an Emotion.] The level of trust is typically based on the technical strength of the identity, but it also includes the evaluating entity's subjective considerations (e.g. feelings) of the reliability of the entity the identity represents. Trust is at least partially transitive (as in the case of notaries).
A legal entity established either by a trust agreement signed by a person during the person's life or arising after death from a will or testamentary trust. The trust is governed by the terms in the documents. A trust can last as long as 50 years, if not longer, so must be written with great care.
An agreement between the grantor and the trustee, naming the trustee to control the grantor's property, or some of it, for the benefit of a beneficiary. The beneficiaries hold "equitable title" to those assets. The trust agreement defines the trustee's powers and duties. Trusts of various types are frequently used in estate planning to achieve tax, financial, and personal objectives.
A tax entity, created by a trust agreement, which distributes all or part of its income to beneficiaries per the trust agreement. A trust is required to pay its own income taxes.
A legal entity established by a trust agreement signed by a person during his or her life or arising after death from a will or testamentary trust.
A legal arrangement in which the title (or management) or property is separated from the benefit of the property.
A trust is not technically an ãorganizationä it is the set of rights and responsibilities between the trustee and beneficiary with regard to the assets of the trust (the ãcorpusä). The legal requirements to establish a trust are a grantor, a trustee, a beneficiary, corpus and a legal purpose.
A relationship created when one party, the grantor, transfers property to a second party, the trustee, for the benefit of third party(ies), the beneficiaries.
An arrangement under which money or other property is held by one person or company (often a trust company) for the benefit of another person or persons. These assets are administered according to the terms of the trust agreement. Each province has a trustee act, which regulates the kinds of investments that can be made by the trustees of a trust fund.
Title to real property in California may be held in a title holding trust. The trust holds legal and equitable title to the real estate. The trustee holds title for the benefit of the trustor/beneficiary who retains all of the management rights and responsibilities.
A legal arrangement involving the person who created a trust giving fiduciary control of said property over to the trustee, which would be another person or an institution. This web site only has information about offshore trusts.
A legal arrangement where a person (a Trustee) is made the nominal owner of property to be held or used for the benefit of one or more others. In other words, money and property are 'held' safely by one person on behalf of another such as a child.
A trust is an arrangement bound by law in which someone gives soneone else, called a trustor, control of investments, property, cash, or other assets. The trust is managed for the benefit of the beneficiaries, usually kids.
A relationship established by agreement between a grantor and a trustee to manage assets or property for another's benefit.
A separate legal entity that is used to hold assets, usually for management and investment.
An arrangement to give property to a person to administer and manage for the benefit of beneficiaries according to the terms in your will or trust agreement.
the property (real or financial) held by a person or institution for the benefit of another person
An estate planning document sometimes called an inter vivos trust or a revocable living trust.
Trust includes an express trust, private or charitable, with any additions, wherever and however created, revocable or irrevocable. Trust also includes a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust.
Legal arrangement under which one person controls property given by another person for the benefit of a third person. The person in control is the Trustee. The person giving property is often called the Settlor/Grantor and the person receiving the benefit is the Beneficiary.
A legal relationship whereby a trustee holds/owns an asset for the benefit of a beneficiary. Unit trusts are investments which are commonly structured on the basis of such a relationship and involves investors pooling their funds for a common investment purpose. These investors are beneficiaries of the trust.
A legal entity created by a grantor for the benefit of designated beneficiaries; the trustee holds a fiduciary responsibility to manage the trust's assets and income for the benefit of all beneficiaries.
an interest in property held by one person for the benefit of another.
Property owned or managed by a person for another.
An obligation binding the trustee(s) to deal with property over which they have control (the trust property) for the benefit of the beneficiaries.
The situation where a person (the Trustee) holds property for the benefit of one or more people (the Beneficiaries). A will creates a testamentary trust. The executor is the trustee of the estate for the benefit of the beneficiaries.
An arrangement for holding legal property and managing the property for the benefit of another trustee. The holder of legal title to property for the management, use, or benefit of another.
A separate legal entity that holds property for the benefit of the grantor (creator) of the trust or his or her heirs. A trustee manages the assets that are placed in the trust and makes sure that the terms of the trust are followed.
A legal arrangement where an individual (the settlor) transfers ownership of assets to a trustee (a fiduciary) to manage for the benefit of the trust's beneficiaries (typically a spouse or children). A testamentary trust is set up in a will and takes effect only after death, while a living trust (inter vivos) is set up during the settlor's lifetime.
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.
A method of separating the control of assets from the ownership of assets in a manner which effectively gives control to parties who may or may not be beneficially entitled to same. Close
Property held and managed by one entity for the benefit of another person.
A trust is a contractual institution through which a person (called a "trustee") is given the responsibility to administer the property entrusted to them up to a date on which they must restore such property to the beneficial owner.
Legal agreement between a plan sponsor and a trustee that fixes the rights and liabilities with respect to managing and controlling the fund for the purposes of the plan.
A fiduciary arrangement established by a grantor whereby property is held and managed for the benefit of a named beneficiary or beneficiaries by a third party known as a trustee.
A trust is an agreement between a person (settlor) who transfers the legal ownership of his or her assets (trust fund) to a trustee with instructions to manage them in favour of third parties (beneficiaries). The main areas of application for trusts are in succession planning and as holding companies.
An arrangement in which a person or corporation (trustee) for the benefit of others (beneficiary) holds property. The grantor (person who transfers the property to the trustee) gives legal title to the trustee, subject to the terms set forth in a trust agreement. Beneficiaries have equitable title to the trust property.
A legal arrangement under which a grantor or settlor transfers real or personal property to a trustee or trustees under directions to the trustee, usually contained in a written trust instrument or agreement, to hold, manage, invest, account for and distribute the property to the beneficiary or beneficiaries on the terms set forth in the trust instrument.
An entity which is created to hold assets on behalf of others. A Trust is controlled by a Trustee. Trusts may have tax minimisation and asset protection benefits. Commonly used trusts include Family Trusts which are normally discretionary, Unit Trusts when beneficiaries are allocated units (a bit like shares in a company) and Testamentary Trusts which are established by your Will for the benefit of your beneficiaries.
Property is held and managed by a person (trustee) for the benefit of another (the beneficiary). The terms of the trust are generally governed by a contract which you, the grantor, have prepared when you establish the trust.
A legal tool used to manage and distribute assets.
An arrangement by which property is handed over to trustees to be applied for the benefit of other people known as beneficiaries.
A legal relationship when one party (the trustee) holds legal title to property for the benefit of another (the beneficiary).
A legal instrument that grants control of one's assets to a person or financial institution. Trusts can be revocable or irrevocable and can manage property while the creator is alive (living trust) or following the creator's death (testamentary trust).
A legal entity normally created by an individual (called a Grantor, Settlor or Trustor) or by a Will, that holds ownership to property/assets for the benefit of another (beneficiary), subject to the rules and/or provisions of the documentthat created the entity. A Trust may be created during the lifetime of the person forming the Trust, or after his or her death.
A legal entity used to set aside property of one person or institution for the benefit of one or more persons or organizations. A trust accumulates and distributes income and principal from the transferred property as directed by the trust. The trust must file an income tax return and may be required to pay tax on any undistributed income.
The right in property held by one person, called a trustee, for the benefit of another, called the beneficiary.
A legal mechanism that separates the responsibility of owning property from the benefits of owning property. Property placed in a trust is owned by the trust, and no longer is owned by the grantor(s).
An arrangement (and legal entity) for holding legal title to property and managing the property for the benefit of another (the beneficiary).
A trust is an agreement in which assets are protected and given out to beneficiaries at a later date or after a specified event, such as marriage, graduation, or death. Trusts are a safe place to store assets and have many benefits.
An arrangement by which a person conveys legal title to property to another party (such as a bank trust department or an attorney). The trustee agrees to administer the trust assets for the benefit of the person who established the trust or for the benefit of someone else named in the trust agreement. Trusts can be established during lifetime (intervivos or living trust) or by will (testamentary trust).
A trust fund is an arrangement whereby control over an asset is transferred to another person or organisation for the benefit of someone else.
A right to a property held by another, either written or implied.
A legal agreement in which one person places money or property in the name of an individual or organization (the trustee) to be used for the benefit of another persoN (the beneficiary).
A legal entity in which a person or institution holds or manages property for the benefit of someone else. The Trustee manages these assets according to the terms of the Trust.
A written document providing that your property be held by one (the "trustee") for the benefit of another (the "beneficiary"). A trust may be created during your lifetime or after your death.
An agreement where a grantor transfers property to a trustee to hold for a beneficiary.
An amount of money or property which is being legally controlled for the benefit of a person or organisation by another person or organisation.
A legal arrangement t one party (the grantor or settlor) uses to transfer assets to a second party (the trustee). The assets are held and invested for the benefit of one or more third parties (the beneficiaries). See living trust and revocable trust.
A legal concept under which property is held by one or more persons (the trustees) for the benefit of other persons (the beneficiaries) for the purposes specified by the person setting up the trust. The trustees may be beneficiaries.
A legal arrangement created to facilitate the transfer of property to a trustee for the benefit of a beneficiary.
A legal arrangement by which title to property is given to one party who manages it for the benefit of a beneficiary or beneficiaries.
A legal concept whereby property is held by one or more persons (the trustees) for the benefit of others (the beneficiaries) for the purposes specified by the trust instrument. The trustees may also be beneficiaries.
a relationship in which one person, known as a “trustee†holds title to assets for the benefit of another person, the beneficiary.
holding property according to specified conditions, e.g. to administer or manage the estate and pay the profits to another, perhaps an underage heir
Property given to a trustee to manage for the benefit of a third person. Generally the beneficiary gets interest and dividends on the trust assets for a set number of years.
Fiduciary relationship under which property is held by one person (a trustee) for the benefit of another (the beneficiary).
An entity that holds assets for the benefit of certain other persons or entities.
A right to or in property held for the benefit of another. A trust may be written or implied. An implied trust is called a Constructive Trust.
A legal arrangement in which a person (the "grantor") gives control of property to a person or institution (the "trustee") for the benefit of third parties (the "beneficiaries").
A fiduciary relationship in which one person (the trustee) is the holder of the legal title to property (the trust property) subject to an equitable obligation (an obligation enforceable in a court of equity) to keep or use the property for the benefit of another person (the beneficiary).
Arrangement in which property is held by a person or corporation (trustee) for the benefit of others (beneficiaries). The grantor (person transferring the property to the trustee) gives legal title to the trustee, subject to terms set forth in a trust agreement. Beneficiaries have equitable title to the trust property.
A property right held by one as a fiduciary for the benefit of another.
A legal provision for gifting assets from one person [the settlor] to another/others.
A legal contract between the grantor (creator) and the trustee, which gives ownership to a trustee to manage wealth and direct income for the benefit of another. Trusts may be created for a wide range of reasons, which may include providing money for education, protecting assets from creditors, reducing estate taxes or providing income to future generations.
A legal instrument allowing one party to control property for the benefit of another.
A legal device used to manage property—whether real or personal— established by one person for the benefit of another. A third person, called the trustee, manages the trust.
A trust is a document that tells how property that is placed into it will be managed. Trusts can be created during lifetime or at death. There are many reasons why a trust might be created: to avoid probate, to ensure that the trust estate will be used for purposes approved by the creator of the trust or to protect the assets of someone who is disabled, unable to manage money or who may have substantial creditors.
Property owned and managed by one person for the benefit of another.
A relationship where a grantor transfers property to a trustee to be held, administered and distributed for the benefit of the trust beneficiaries.
a legal entity which owns property, and administers and disposes of those assets. A trust is usually expressed in a document, but the document is not the trust. Assets owned by a trust do not pass through the probate estate.
A transfer of property by the grantor to the care of an individual or organization, for the benefit of the grantor or others.
A legal entity in which property is transferred with the intention that it be administered by one party -- the trustee -- for the benefit of another.
The arrangement whereby property is held by a trustee (an individual or entity) for the benefit of another. The trustee holds legal title to the property. The beneficiary is the person or institution who is benefited. The person establishing the trust is called the grantor, creator, donor, or settlor. Irrevocable Trust: A trust that cannot be ended by the person who created it. Revocable Trust: A trust that may be ended by the person who created it. Inter Vivos or Living Trust: A trust that is established and becomes operative during the lifetime of the person who created it.
A legal entity created to manage property for the benefit of a specific person or persons. A trust is funded when the owner (the grantor) transfers ownership of property to another (the trustee) for the immediate or eventual benefit of a third person, (the beneficiary). The person who creates a trust is called a grantor, settlor or trustor. The person designated to receive assets at the end of the trust term is called a remainderman.
A legal device used to manage real or personal property, established by one person (grantor or settlor) for the benefit of another (beneficiary). (See trustee.)
An obligation binding a person who holds the legal title, the trustee, to deal with the property for the benefit of another person; the beneficiary.
a legal device which transfers property to another for management for the benefit of a beneficiary, often a third party
A trust is a legal entity created under state or common law, whereby a trustee holds property for the benefit of some other person called a beneficiary. A trust may be created during an individual's life or under a will upon their death. A trust (except for a grantor-type trust) is a separate legal entity for federal tax purposes. A trust calculates its income tax liability the same way that an individual does and is allowed most of the credits and deductions that an individual is allowed. Amounts distributed to the beneficiary are reported on the beneficiary's individual tax returns.
an arrangement to hold money or other property for the benefit of another person, such as a child.
A written legal instrument created by a grantor during his or her lifetime or at death for the benefit of another.
A legal entity established either during a trustor's lifetime (inter vivos) or at his death (testamentary). The trust is governed by the terms set forth in the trust documents. A trust must have a trustee, a beneficiary, and a "corpus" or property subjected to the trust.
An agreement whereby one person (grantor) transfers property to a second person (trustee) to be held for the benefit of a third person (beneficiary).
A fiduciary relationship with respect to property. It is an arrangement whereby one person has the legal title to property being held for the benefit of someone else who has the equitable title to the property.
an arrangement where a person known as a trustee holds and manages property of another person known as the trust beneficiary.
A trust is a legal document under which assets are held and administered for the benefit of a beneficiary where the document spells out the terms and conditions of distribution and the terms by which the trust is to be administered.
n. l. an arrangement establishing a fiduciary relationship in which a trustor conveys property to a trustee to hold and manage for the benefit of one or more beneficiaries. Trusts can be revocable or irrevocable; 2. something (such as property or financial securities) managed by a trustee for someone else's benefit. In the phrase in trust, in the care or possession of a trustee.
A legal device used to set aside the money or property of one person for the benefit of one or more persons or organizations.
Fiduciary relationship in which one party (trustee) holds title to property for the benefit of another party (beneficiary).
Fiduciary relationship in which a person, called a trustee, holds title to property for the benefit of another person, called a beneficiary.
A legal entity created by an individual in which one person or institution holds the right to manage property or assets for the benefit of someone else. Types of trusts include: Testamentary Trust – A trust established by a will that takes effect upon death; Living Trust – A trust created by a person during his or her lifetime; Revocable Trust – A trust in which the creator reserves the right to modify or terminate the trust; Irrevocable Trust – A trust that may not be modified or terminated by the trustor after its creation
A legal device used to set aside assets of one individual for the benefit of one or more people or organizations.
Trust indicates that one entity is willing to rely upon a second entity to execute a set of actions and/or to make set of assertions about a set of subjects and/or scopes.
The legal ownership of property held by a trustee for the benefit of the equitable owner, the beneficiary.
A formal agreement where a person (or organization) holds title to property and administer it and its income according to the terms agreed when the trust was established. .
An agreement under which a trustee holds legal title to property, which is transferred to the trust by the grantor, for the ultimate benefit of a beneficiary.
A legal method used to manage and distribute property without a guardianship.
A trust is a financial arrangement under which property is held by named people for someone else.
A legal arrangement whereby one or more persons—called the trustees— hold legal title to property on behalf of another person—called the trust beneficiary— and are responsible for administering the property for the benefit of the trust beneficiary.
A legal relationship where property is transferred to and managed by another person or institution for the benefit of another person or organization.
Trustee companies are for-profit businesses that, among other activities, offer management services to foundations. They can legally administer estates, the property of minors or the affairs of those needing assistance to manage their own financial affairs. (Philanthropy Australia ww.philanthropy.org.au.)
A legal entity that holds assets for a period of time under the control of an appointed party - the trustee.
A legal entity created by the grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument.
A legal arrangement under which property and assets may be held and managed for the benefit of another person.
an arrangement, usually established by a written document, to provide for the management and disposition of assets. It normally involves three parties: the person who establishes the trust (sometimes called a donor, grantor, trustmaker, settlor or trustor), a trustee, and one or more beneficiaries.
A legal arrangement whereby assets are held by one or more appointed persons (trustees) for the benefit of others (beneficiaries). Normally a trust is established by a legal document known as a Deed but a trust may be established by other means. Use of a trust can be an effective way of reducing one's liability for tax. This is a complex area of law and specialist legal advice should normally be sought by anyone dealing with a trust. The concept of a trust is not recognised in all legal systems.
A legal relationship when one person (a trustee) holds property for the benefit of another (a beneficiary). There are countless trusts - charities, pension funds, private trusts - and they may be express, created by deed of Will, or implied, by operation of law.
A legal arrangement in which "legal title" to assets is transferred to a "Trustee", who thereafter has the fiduciary duty to manage and distribute the Trust assets for the benefit of the beneficiaries of the Trust, all in accordance with the instructions contained in the Trust document ("Declaration of Trust"). The beneficiaries hold "equitable title" to those assets. Trusts of various types are frequently used in estate planning to achieve tax, financial, and personal objectives.
A fiduciary relationship in which a Trustee holds Title to property for the benefit of others.
A legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary). Trusts are created for a variety of reasons, including tax savings and improved asset management.
A legal arrangement, whereby one person will hold either money or a property in trust for another person. Often used when you wish to leave money or a gift to a person under 18, and wish a parent or guardian to look after the money until they reach this or any other age.
Commercially speaking, a trust is a pool of invested assets operating for the benefit of al members; formed by the issue of a legal document --- the Trust Deed. A trust enables smal investors to access a wide range of investments.
A written arrangement whereby an appointed trustee is given money or assets to hold and manage for the benefit of those defined in the deed which created the trust.
Arrangement under which the owners of several companies transfer their decision-making powers to a small group of trustees, who then make decisions for all the companies in the trust.
A right of property held by one for the benefit of another.
A trust is not a legal entity as such, and cannot enter into an agreement in its own name. The trustees, authorised in writing by the Master Of The High Court, must conclude any agreement that would bind the trust.
(1) A fiduciary relationship in which a person (the trustee) holds title to property for benefit of another party(s). (2) Trust Indenture Act requires a corporation to appoint a trustee to act for benefit of the bondholders as a class. See: Indenture.
A written legal instrument created by a grantor for the benefit of him/herself (during life) or others (during life or at death).
Deposits are usually held in trust by the buyer's or seller's real estate agent or lawyer, and are released to form part of the purchase price on completion date.
An arrangement in which a grantor gives beneficial ownership of an asset to an individual (beneficiary), but gives legal control of the asset to another (trustee). A trust allows the grantor to gift an asset without relinquishing control.
A legal written arrangement in which one or more trustees hold and manage assets for the benefit of one or more beneficiaries under a fiduciary relationship.
A legal, fiduciary relationship in which an individual or institution (the trustee) holds legal title to property with the responsibility for keeping or managing this property for the benefit of another person or beneficiary.
A legal agreement that allows an individual to set aside money or property of one person for the benefit of one or more persons or organizations. The legal title of a trust remains with the trustee.
Property given by one person or group (the donor or settlor), to a trustee, for the benefit of another person (the beneficiary or donee). The trustee manages and administers the property. Actual ownership is shared between the trustee and the beneficiary and all the profits go to the beneficiary. The trustee has a fiduciary responsibility to the beneficiary. There are many forms of trusts. A will is a form of trust but trusts can be formed during the lifetime of the settlor in which case it is called an inter vivos or living trust.
See Charitable Lead Annuity Trust [CLAT], Charitable Lead Unitrust [CLUT], Charitable Remainder Annuity Trust [CRAT] and Charitable Remainder Unitrust [CRUT].
If you leave any property 'in trust' for one of your beneficiaries then that property will be looked after for them. They will get it one day (often when they reach a certain age) but until then they cannot get access to it without the approval of the Trustees.
A legal arrangement where a person (the grantor) gives control of his or her property to a trust which is administered by an individual or institution (the trustee) for the benefit of one or more beneficiaries. The grantor, trustee and beneficiary may be the same person. The grantor names a successor trustee in the event of incapacitation or death, as well as successor beneficiaries. Trusts are created for a wide variety of reasons such as avoiding probate, providing a protected stream of income should the grantor or beneficiary become incapacitated, and shielding assets from spendthrift heirs. Assets and other property that a person wants to move to a trust, such as real estate and bank or brokerage accounts, must be retitled so that the trust becomes the owner. For more information, visit How Living Trusts Avoid Probate.
A legal arrangement under which one person or institution controls property given by another person for the benefit of a third party(ies).
A property interest held by one person for the benefit of another.
An entity created for the purpose of protecting and conserving assets for the benefit of a third party, the beneficiary. A contract affecting three parties, the settlor, the trustee and the beneficiary. A trust protector is optional but recommended, as well. In the trust, the settlor transfers asset ownership to the trustee on behalf of the beneficiaries.
A device of English law whereby the legal ownership of property is vested in persons known as trustees who hold it for the benefit of another (the cestui que trust).
A legal arrangement whereby control over property or funds is transferred to a trustee (a person or an organization) for the benefit of a designated person (the "beneficiary"). Trusts are created for a variety of reasons, including tax savings and improved asset management.
A type of fiduciary account to which property is transferred and subsequently managed for the benefit of another person or entity.
A long recognized legal concept in which some or all property of a grantor is held on behalf of a beneficiary (which may include the grantor) in the name of the trustee.
The placing of all or part of the estate in the hands of trsuteees who are charged with administering it on behalf or beneficiaries
A legal, contractual written agreement created and funded by an individual whereby one or more persons or institutions hold and manage assets for the benefit of a beneficiary. The beneficiary can be one or more people or a charity. Both of the following types of trust avoid probate: Irrevocable-- Once the trust documents have been executed, the trust cannot be changed. Revocable-- This trust, also known as a living trust, can be changed and edited during the lifetime of the grantor.
A fiduciary relationship whereby legal title to a property is transferred to a trustee with the intention that such property be administered by the trustee for the benefit of another, the beneficiary, who holds equitable title to such property.
The legal relationship created by virtue of one party holding legal title to property, whether real or personal, for the benefit of another.
An arrangement whereby property is transferred to a trusted third party (trustee) by a grantor (trustor). The trustee holds the property for the benefit of another (beneficiary).
Under a trust, named people (called trustees ) hold property on behalf of other people (called beneficiaries). The trustees can be beneficiaries.
A legal agreement where you give legal authority to someone else, the trustee, to make financial decisions regarding your property and estate to benefit your beneficiaries. You can also set up a trust to help provide for the needs of adult dependents.
A legal arrangement in which one person (the trustor) transfers legal title to property to a trust and names a fiduciary (the trustee) to manage the property for the benefit of a person or institution (the beneficiary).
Legal arrangement, which distributes one's assets amongst its beneficiaries.
An arrangement in which one person (the "Settlor" or "Grantor") transfers property to another person (the "Trustee") to be held for the benefit of others (the "Beneficiaries"). The most common trust today is the self trusteed revocable living trust, where a person transfers property to herself as trustee, for the benefit of herself as beneficiary. Upon the person's death, the assets held in the name of the trust do not have to go through probate. However, the trust estate will still need to be administered, which in many ways is similar to a probate but does not involve a court.
A legal entity that has the ability to "own" an asset, such as a house, stock, or cash. And which can also be sued.
An agreement in which a grantor transfers assets to a trustee for the purpose of benefiting one or more beneficiaries.
A contract between a trust maker and a trustee, establishing a separate legal entity for the benefit of beneficiaries. The separate entity is now the owner of the property in the trust. Since the entity owning the property does not die, there is no need for probate on the death of the trust maker to pass on the property. Trusts can be irrevocable- cannot be changed- or revocable, also called a living trust.
A fiduciary relationship under which one holds property for the benefit of another.
Arrangement involving a grantor (the person who establishes the trust), a trustee (the person who the grantor trusts to hold the property for the beneficiary who may or may not be the grantor), and the beneficiary (the person or persons who will benefit from the trust).
An equitable obligation whereby an individual (the settlor), transfers assets to a trustee, wherein the trustee becomes the legal owner and safeguards the aforementioned assets for the benefit of the beneficiaries.
a legal document that transfers title of a property to an individual or entity for the benefit of another person or entity
A legal arrangement under which an individual (settlor/trustor) give fiduciary control of property to a person or institution (trustee) for the benefit of a beneficiary.
Property legally entrusted to a person with instructions to use it for another person (or persons benefit)
An arrangement under which one person or company, often a trust company, for the benefit of another person or persons, hold money or other property. These assets are administered according to the terms of the trust agreement. Each province has a Trustee Act that regulates the kinds of investments that can be made by the trustees of a trust fund.
An arrangement whereby an appointed trustee(s) holds money or assets for the benefit of the person(s) defined in the deed which created the trust (called a beneficiary).
Investments which involve the pooling of investors’ money in order for professional managers to administer. Trusts normally concentrate on one particular area of investment.
A means for one person, called the trustee, to own and control property for the benefit of him/herself or for another person, called the beneficiary. Living Trust—Established during the lifetime of the person who created it. Testamentary Trust—Created by a personâ€(tm)s will and therefore comes into existence after a personâ€(tm)s death.
An instrument placing ownership of property in the name of one person, called a trustee, to be held by the trustee for the use and benefit of some other person.
It is generally considered appropriate to establish an occupational pension scheme by way of a trust in order to separate the scheme assets (contributions) from those of the employer (company) and to ensure that the company does not become liable for the scheme. The trust will be established by way of a trust deed, and the assets will be the responsibility of the trustees (either individuals or a corporate trustee) who must act in the best interests of the beneficiaries i.e. the scheme members and pensioners.
Complex For income tax purposes, all trusts other than "simple" trusts. Grantor For income tax purposes, a trust under which the settlor (grantor) retains a substantial ownership. The income from such a trust is includable in the owner's annual income for tax purposes. Inter vivos A gift of property by a living senior to a trustee for the uses and purposes set forth in the trust instrument. Simple For income tax purposes, a trust that requires that income, as defined by the governing instrument or by local law, be distributed currently to the beneficiaries other than charities.
property given to a trustee to manage on behalf of beneficiaries
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
A contractual relationship between the owner of property (the grantor), a manager of the property (the trustee) and a beneficiary, whereby the trustee manages the property for the benefit of the beneficiary in accordance with the contractual terms set by the grantor.
A right to a piece of property that is held for the benefit of another
A legal arrangement whereby a property is held by a person or corporation (trustee) for the benefit of others (beneficiary).
Property given by a person called the donor or settlor, to a trustee, for the benefit of another person (the beneficiary or donee). The trustee manages and administers the property, actual ownership is shared between the trustee and the beneficiary and all the profits go to the beneficiary. The word " fiduciary" can be used to describe the responsibilities of the trustee towards the beneficiary. A will is a form of trust but trusts can be formed during the lifetime of the settlor in which case it is called an inter vivos or living trust.
A legal device used to manage real estate or personal property, established by one person (the settlor) for the benefit of another (the beneficiary). A third person (the trustee) or the settlor manages the trust.
A tax entity created by a trust agreement. This entity distributes all or part of its income to beneficiaries as instructed by the trust agreement. This entity is required to pay taxes on undistributed income.
A fiduciary relationship in which the trustee holds ownership for the benefit of another party (benefactor).
Assets held by trustees on behalf of underlying beneficial owners. The portfolio may be professionally managed eg charitable trust, unit trust etc. Governed by Trustee Investments Act 2000.
A trust exists when one person holds property for the benefit of another.
A legal arrangement in which one person (the settlor) transfers legal title to a trustee (a fiduciary) to manage the property for the benefit of a person or institution (the beneficiaries). A testamentary trust is set up in a will and takes effect only after death. There are two main types of trust components. A living trust (inter vivos) is a trust set up during an individualâ€(tm)s lifetime.
A three-party arrangement (trustor, trustee and beneficiary) in which title to property is placed with the trustee by the trustor to hold for the beneficiary.
A set of instructions left to a trustee with management authority over the trust property that is to be managed exclusively for the benefit of a named beneficiary.
A trust or business trust was a form of business entity used in the late 19th century with intent to create a monopoly. Some but not all were organized as trusts in the legal sense. They were often created when corporate leaders convinced (or coerced) the shareholders of all the companies in one industry to convey their shares to a board of trustees, in exchange for dividend-paying certificates.