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LSDefine

Simple English definitions for legal terms

trust

Read a random definition: nonacceptance

A quick definition of trust:

Trust: A trust is when someone gives their things to another person to take care of for someone else. The person who gives their things is called the "grantor" or "settlor," the person who takes care of the things is called the "trustee," and the person who gets to use the things is called the "beneficiary." The trustee has to do what's best for the beneficiary and can't use the things for themselves. The trust has to follow certain rules and be written down and signed. If the trustee can't do their job, someone else will take over. The things in the trust can be given to the beneficiary even after the person who gave them away has died.

A more thorough explanation:

A trust is a legal arrangement where a person, known as the grantor or settlor, transfers their property rights to a third party, called a trustee. The trustee holds and manages the assets for the benefit of another person, known as the beneficiary. The trust is a fiduciary relationship, meaning that the trustee has a legal obligation to act in the best interest of the beneficiary.

  • A settlor with the intent and capacity to create the trust
  • A definitive beneficiary who is reasonably ascertained
  • A trustee to hold and administer the assets
  • Assets to be held in the trust
  • Legal formalities, such as being in writing, signed, and notarized

For example, a parent may create a trust for their child's education. The parent transfers money into the trust, appoints a trustee to manage the funds, and designates the child as the beneficiary. The trustee has a legal obligation to use the funds for the child's education expenses.

Another example is a trust created for charitable purposes. A person may transfer assets into a trust and appoint a trustee to manage the funds for the benefit of a specific charity. The trustee has a legal obligation to use the funds for the charitable purposes designated by the grantor.

In both examples, the trustee has a fiduciary duty to act in the best interest of the beneficiary and manage the assets prudently.

true bill | trust administration

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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