What does the legal term trust mean?
A trust is a legal relationship in which the legal title to property is entrusted to a person or legal entity with a fiduciary duty to hold and use it for another’s benefit.
What does the word trust mean in a will?
Legal Definition of trust 1a : a fiduciary relationship in which one party holds legal title to another’s property for the benefit of a party who holds equitable title to the property.
What does it mean in trust for?
In Trust For, Definition In trust for (ITF) or account in trust refers to an account that has a named trustee. This trustee manages the assets in the account on behalf of one or more beneficiaries. The person who creates an in trust for account can set the rules or guidelines for how those assets should be managed.
Which is the best definition of a trust?
Trust Definition A trust is a fiduciary relationship in which the trustor gives the trustee the right to hold title to property or assets for the beneficiary. more
What does it mean to have an account in trust?
What Is an Account in Trust? An account in trust or trust account refers to any type of financial account that is opened by an individual and managed by a designated trustee for the benefit of a third party in accordance with agreed-upon terms.
Are there any other synonyms for the word trust?
other words for trust. confidence. expectation. faith. hope. assurance. certainty. certitude. conviction.
How does a court order a trust to be administered?
The court appoints a trustee to administer the trust and orders the person having legal title to the property to convey it to the appointed trustee. If two or more trustees are appointed, they always hold the title to trust property in Joint Tenancy with the Right of Survivorship.
Can a trust have more than one settlor?
It is common, however, for the settlor to serve as the trustee. There can be more than one settlor and more than one trustee. If a married couple creates a trust and names themselves as trustees, each spouse is a settlor and a trustee.
What are my duties as a trustee of a trust?
- Administration.
- Loyalty. Impartiality. Work with Co-Trustees.
- Frugality.
- Protect Trust Property. Recordkeeping.
- Preserve Trust Property.
- this article will explain each of these duties of a trustee.
Does a trust have to be written?
Although it is generally a good idea to always write up some document evidencing the creation and existence of a trust, a trust does not always have to be written. While this varies from state to state, generally, a trust mustbe written when the property (or some portion of the property) is real property (i.e., real estate), but need not be written when the property is only personal property.
Does the settlor own the property in a trust?
The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts).