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Simple English definitions for legal terms

trust fund

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A quick definition of trust fund:

Trust fund: Money or property that is held by someone (called a trustee) to be used for a specific purpose, such as to provide for someone's education or to give to them when they are older. A common trust fund is when many small trusts are combined to make bigger investments.

A more thorough explanation:

A trust fund is a type of financial arrangement where a trustee holds property or assets on behalf of a beneficiary. The property or assets held in a trust fund are known as the corpus.

For example, a parent may set up a trust fund for their child's education. The parent would appoint a trustee to manage the funds and ensure that they are used for the child's education expenses. The corpus of the trust fund would be the money or assets that the parent has contributed to the fund.

Another type of trust fund is a common trust fund. This is a trust fund set up by a trust department to combine the assets of multiple small trusts. By pooling the assets together, the trust department can achieve greater investment diversification.

For example, a bank's trust department may set up a common trust fund that combines the assets of multiple small trusts established by different clients. The corpus of the common trust fund would be the combined assets of all the small trusts.

Overall, trust funds are a way to manage and protect assets for the benefit of a beneficiary. They can be used for a variety of purposes, such as education, charitable giving, or estate planning.

trust deed | Trust fund recovery penalty (TFRP)

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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