Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
trust — n 1 a: 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 b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… … Black's law dictionary
exemption trust — A bypass trust funded with an amount no larger than the personal federal estate tax exemption for the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property… … Law dictionary
United States trust law — Introduction Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first attempt to… … Wikipedia
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 … Investment dictionary
A-B Trust — A trust created by a married couple with the objective of minimizing estate taxes. An A B trust is is a trust that divides into two upon the death of the first spouse. It is formed with each spouse placing assets in the trust and naming as the… … Investment dictionary
AB trust — A trust that allows couples to reduce or avoid overall. Each spouse puts property in the AB trust. When the first spouse dies, his or her half of the property goes to the named in the trust commonly, the couple s grown children with the crucial… … Law dictionary
Bypass trust — A bypass trust is typically created as part of an A/B Living trust estate plan after the death of the first spouse to die.The bypass trust receives property as specified in the trust document the bypass trust may receive all of the property of… … Wikipedia
Disclaimer Trust — A trust that has embedded provisions (usually contained in a will) which allow a surviving spouse to put specific assets under the trust by disclaiming ownership of a portion of the estate. Disclaimed property interests are transferred to the… … Investment dictionary
QTIP trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. QTIP trust … Law dictionary
