Simple English definitions for legal terms
Read a random definition: Convention for the European Patent for the Common Market
Abstract of trust: A short version of a trust document that keeps some details private, like the names of the people who will benefit from the trust. It's used to prove that the trust exists without sharing all the important information. It's also called a certificate of trust, certification of trust, or memorandum of trust.
Definition: An abstract of trust is a shortened version of a trust document that omits certain details, such as the names of beneficiaries, to keep them confidential. It is commonly used to prove the existence of a trust to financial institutions or other organizations without revealing key terms. This abbreviated version of the trust is widely accepted as long as it meets specific requirements. It is also known as a certificate of trust, certification of trust, or memorandum of trust.
For example, if John creates a trust and wants to keep the names of his beneficiaries private, he can provide an abstract of trust to his bank to show that the trust exists and that he has the authority to act on its behalf. The abstract of trust would include the name of the trust, the date it was created, and the name of the trustee, but it would not include the names of the beneficiaries.
Another example is if a trustee needs to sell a property owned by the trust. The buyer's attorney may request an abstract of trust to verify that the trustee has the authority to sell the property on behalf of the trust.
These examples illustrate how an abstract of trust can be used to provide proof of a trust's existence without revealing confidential information.