Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

trust

Read a random definition: retenta possessione

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
LSD+ is ad-free, with DMs, discounts, case briefs & more.