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Simple English definitions for legal terms
certificate of trust
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A quick definition of certificate of trust:
A certificate of trust is a short version of a legal document called a trust that keeps some information private. It is used to show that a trust has been created without revealing all the details, like who will receive the money. This shorter version is accepted by banks and other organizations as proof of the trust, as long as it meets certain rules. It can also be called a certification of trust, memorandum of trust, or abstract of trust.
A more thorough explanation:
A certificate of trust is a shortened version of a trust document that omits certain confidential details, such as the names of beneficiaries. It is commonly used to provide proof of trust formation to financial institutions or other organizations without disclosing key terms.
For example, if someone wants to open a bank account in the name of their trust, the bank may require a certificate of trust as proof of the trust's existence. The certificate would include basic information about the trust, such as the name of the trustee and the date of formation, but would not disclose the identities of the beneficiaries or the specific terms of the trust.
A certificate of trust is also known as a certification of trust, memorandum of trust, or abstract of trust.