Trust definition: Copy, customize, and use instantly
Introduction
A "Trust" refers to a legal arrangement where one party (the trustee) holds and manages property or assets for the benefit of another party (the beneficiary). It is essential for ensuring that assets are managed according to the terms specified by the trustor, with the trustee acting in a fiduciary capacity.
Below are various examples of how "Trust" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Trust" as a legal arrangement
This definition ties "Trust" to its use in a legal context, emphasizing its role in asset management.
"Trust" means an arrangement where a trustee holds and manages assets for the benefit of a beneficiary, based on the terms set by the trustor.
Definition of "Trust" as an investment vehicle
This definition connects "Trust" to its role in managing investments, particularly for pooled assets.
"Trust" refers to a legal entity used to hold and manage assets for the benefit of investors, with a trustee overseeing the distribution and management of the assets.
Definition of "Trust" as a charitable entity
This definition links "Trust" to its use in charitable contexts, where it is established to benefit a cause or group.
"Trust" means a legal structure created to hold assets for charitable purposes, with the trustee ensuring that the assets are used in accordance with the trust's objectives.
Definition of "Trust" as a business structure
This definition applies "Trust" to a business context, focusing on its role in asset protection or estate planning.
"Trust" refers to a business arrangement where assets or rights are held by one party for the benefit of another, often used for purposes of asset protection or estate planning.
Definition of "Trust" as a legal entity for estate planning
This definition applies "Trust" to estate planning, focusing on the management of assets after the trustor's death.
"Trust" means a legal arrangement where a trustee is appointed to manage and distribute assets according to the trustor's wishes, typically for the benefit of heirs or beneficiaries after the trustor’s death.
Definition of "Trust" in a family context
This definition connects "Trust" to family law, where it is used to protect family assets or provide for dependents.
"Trust" refers to a legal structure established to manage family assets or provide for the financial needs of dependents, managed by a trustee in accordance with the terms set by the trustor.
Definition of "Trust" in a corporate governance context
This definition ties "Trust" to its use in corporate structures, ensuring proper management of assets for shareholders.
"Trust" means a legal framework in which a trustee holds corporate assets for the benefit of shareholders, ensuring that the assets are managed according to corporate governance principles.
Definition of "Trust" for managing intellectual property
This definition links "Trust" to intellectual property management, where assets such as patents or trademarks are managed by a trustee.
"Trust" refers to an arrangement where intellectual property assets, such as patents or trademarks, are held and managed by a trustee for the benefit of the trust’s beneficiaries.
Definition of "Trust" as a land trust
This definition focuses on land trusts, where real estate is held by a trustee for a beneficiary.
"Trust" means a legal arrangement where real estate is held by a trustee for the benefit of the beneficiary, typically to protect or manage land for specific purposes, such as conservation or development.
Definition of "Trust" as a business trust
This definition connects "Trust" to a business trust, where a trustee manages business operations or assets.
"Trust" refers to a business arrangement where a trustee manages business operations or assets for the benefit of the trust’s beneficiaries, typically used in asset protection or estate planning.
Definition of "Trust" in tax planning
This definition applies "Trust" to tax strategies, where assets are managed to minimize tax burdens for beneficiaries.
"Trust" means a legal entity set up to manage assets in a way that minimizes tax liabilities for the beneficiaries, typically used in estate planning or tax avoidance strategies.
Definition of "Trust" as a charitable remainder trust
This definition ties "Trust" to its use in charitable giving, where the remainder of assets goes to a charity after the trustor's death.
"Trust" refers to a charitable remainder trust, where assets are placed in the trust for the benefit of a charity after providing income to the beneficiary during the trustor’s lifetime.
Definition of "Trust" in a pension plan
This definition connects "Trust" to pension and retirement plans, where a trustee manages retirement funds for beneficiaries.
"Trust" means a legal structure where a trustee manages pension or retirement funds for the benefit of employees or beneficiaries, ensuring proper management and distribution in line with the plan's rules.
Definition of "Trust" as a voting trust
This definition applies "Trust" to corporate voting, where voting rights are held by a trustee on behalf of shareholders.
"Trust" refers to an arrangement where a trustee holds voting rights in a corporation on behalf of shareholders, typically used in corporate governance or mergers.
Definition of "Trust" as an asset protection trust
This definition links "Trust" to asset protection, where assets are held by a trustee to shield them from creditors.
"Trust" means a legal arrangement where a trustee holds assets to protect them from creditors, often used by individuals seeking to shield their assets from legal claims.
Definition of "Trust" in the context of employee benefit plans
This definition focuses on the use of "Trust" in employee benefit plans, where the trustee manages plan assets.
"Trust" refers to a fiduciary arrangement where a trustee holds and manages assets for an employee benefit plan, ensuring proper distribution of benefits to plan participants.
Definition of "Trust" for protecting business assets
This definition ties "Trust" to asset protection in business, ensuring that business assets are protected for future use or distribution.
"Trust" means a legal structure where business assets are held by a trustee for the protection of the business or its owners, ensuring that the assets are safeguarded from liabilities.
Definition of "Trust" as a supplemental needs trust
This definition connects "Trust" to its use in providing for individuals with special needs, ensuring proper care.
"Trust" refers to a supplemental needs trust, where assets are set aside to provide for individuals with disabilities, ensuring that they receive necessary financial support without affecting their eligibility for government assistance.
Definition of "Trust" in relation to cryptocurrency assets
This definition applies "Trust" to the management of digital assets such as cryptocurrency.
"Trust" means an arrangement where cryptocurrency or other digital assets are held and managed by a trustee for the benefit of the trust’s beneficiaries, ensuring proper oversight and security of the assets.
Definition of "Trust" for managing royalties
This definition links "Trust" to the management of royalties, such as those from intellectual property or creative works.
"Trust" refers to an arrangement where royalties from intellectual property or creative works are managed by a trustee for the benefit of the beneficiaries.
Definition of "Trust" in a healthcare context
This definition ties "Trust" to healthcare management, where assets are held to fund healthcare expenses for beneficiaries.
"Trust" means a legal entity created to manage assets for the purpose of covering healthcare expenses for designated beneficiaries, typically used in long-term care planning.
Definition of "Trust" in the context of real estate investment
This definition connects "Trust" to real estate investment, where a trustee manages property for the benefit of investors.
"Trust" refers to a real estate investment trust (REIT), where a trustee manages properties on behalf of investors, ensuring that income from the properties is distributed according to the trust agreement.
Definition of "Trust" in a legal dispute context
This definition focuses on how a trust can be used in legal disputes to hold assets or property during the course of litigation.
"Trust" means an arrangement where a trustee holds assets or property during the course of legal disputes, ensuring that they are protected or distributed according to the terms of the trust agreement.
Definition of "Trust" in the context of a living trust
This definition connects "Trust" to a living trust, where the trustor retains control over the assets during their lifetime.
"Trust" means a living trust, where the trustor retains control over assets during their lifetime, with the trustee managing and distributing the assets upon the trustor’s death according to their wishes.
Definition of "Trust" as a blind trust
This definition links "Trust" to a blind trust, where the trustee manages assets without the trustor's knowledge or control.
"Trust" refers to a blind trust, where the trustee has full discretion over the management of assets, with the trustor unable to access information about the assets or their management.
Definition of "Trust" as a spendthrift trust
This definition ties "Trust" to a spendthrift trust, where the beneficiary's access to assets is limited to protect them from creditors.
"Trust" means a spendthrift trust, where the beneficiary’s access to assets is restricted to protect them from creditors, ensuring that the assets are preserved for the beneficiary’s long-term benefit.
Definition of "Trust" as a constructive trust
This definition applies "Trust" to a constructive trust, typically used by courts to address unjust enrichment or wrongful conduct.
"Trust" refers to a constructive trust, a remedy imposed by courts to address situations where one party wrongfully holds property that rightfully belongs to another, requiring the wrongdoer to act as a trustee for the rightful owner.
Definition of "Trust" in the context of foreign trusts
This definition focuses on foreign trusts, where assets are held in a jurisdiction outside the trustor’s country.
"Trust" means a foreign trust, where assets are held and managed in a jurisdiction outside the trustor’s home country, often for tax advantages or to meet specific legal or financial objectives.
Definition of "Trust" as a testamentary trust
This definition ties "Trust" to a testamentary trust, which is created by a will and takes effect upon the trustor's death.
"Trust" refers to a testamentary trust, which is created by a will and comes into effect upon the death of the trustor, with the trustee responsible for managing and distributing the assets according to the will’s instructions.
Definition of "Trust" for managing business succession
This definition links "Trust" to managing business succession, where the trustee oversees the transfer of business ownership.
"Trust" means an arrangement where a trustee manages and transfers business ownership or assets according to a pre-established plan, ensuring a smooth transition of leadership and control in business succession.
Definition of "Trust" in the context of joint ownership
This definition connects "Trust" to joint ownership arrangements, where the trustee manages shared assets.
"Trust" refers to an arrangement where a trustee holds joint ownership of assets for the benefit of multiple beneficiaries, ensuring proper management and distribution of those assets.
Definition of "Trust" in a private trust company
This definition ties "Trust" to a private trust company, which is set up to manage trusts for a single family or a small group of beneficiaries.
"Trust" means a private trust company, which is established to manage and administer trusts for a specific family or group, ensuring that the assets are managed according to their specific interests and needs.
Definition of "Trust" as a family trust
This definition connects "Trust" to a family trust, where the assets are held for the benefit of family members.
"Trust" refers to a family trust, where a trustee holds and manages assets for the benefit of family members, typically used for estate planning or asset protection purposes.
Definition of "Trust" as a real property trust
This definition applies "Trust" to the management of real property assets, where a trustee oversees real estate transactions or holdings.
"Trust" means a real property trust, where real estate assets are held and managed by a trustee for the benefit of the beneficiaries, ensuring proper administration of the real property in line with the terms of the trust.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.