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Simple English definitions for legal terms
express active trust
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A quick definition of express active trust:
An express active trust is a type of trust where the terms and conditions are clearly stated and agreed upon by all parties involved. This means that everyone knows what their roles and responsibilities are in the trust. Express actual knowledge, express agency, express assent, express authority, express color, express condition, express consent, express consideration, express contract, express covenant, and express dedication are all related legal terms that refer to specific aspects of the trust agreement. In a wills and estates context, express dissatisfaction refers to a beneficiary's objection to a provision in a will during a probate proceeding.
A more thorough explanation:
An express active trust is a type of trust that is created intentionally and with specific instructions from the settlor (the person creating the trust). This type of trust is managed by a trustee who has the responsibility to carry out the instructions of the settlor.
For example, if a person creates a trust and specifies that the trustee must use the trust funds to pay for the education of their grandchildren, this is an express active trust. The trustee has a legal obligation to use the trust funds for this specific purpose.
Another example of an express active trust is when a person creates a trust and specifies that the trustee must use the trust funds to purchase a property for the benefit of a specific beneficiary. The trustee must follow these instructions and use the trust funds to purchase the property as directed by the settlor.