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Simple English definitions for legal terms
trust corpus
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A quick definition of trust corpus:
A trust corpus is the property that is put into a trust. It's like the body of the trust. The trustee takes care of the trust corpus for the benefit of someone else. It's an important part of making a trust.
A more thorough explanation:
The term “corpus” is Latin for "body.” In the context of a trust, a trust corpus refers to the property that is transferred into the trust. It is also known as the trust res. A trust corpus is one of the essential elements that must be defined for the formation of a valid trust. A trustee holds the trust corpus for the benefit of another.
For example, if a person creates a trust and transfers their house, car, and savings account into the trust, then the house, car, and savings account are the trust corpus. The trustee will manage and hold these assets for the benefit of the trust's beneficiaries.
Another example is if a wealthy individual creates a trust and transfers their investment portfolio into the trust. The investment portfolio would be the trust corpus, and the trustee would manage and hold the portfolio for the benefit of the trust's beneficiaries.
These examples illustrate how the trust corpus is the property that is transferred into the trust and held by the trustee for the benefit of the trust's beneficiaries.