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Simple English definitions for legal terms
Trust Intent
Read a random definition: Welfare Reform Act
A quick definition of Trust Intent:
Trust Intent: Trust intent is when someone wants to create a trust. This is important for a trust to exist, along with having something to put in the trust (like money or property), someone to manage it (called a trustee), and people who will benefit from it (called beneficiaries).
A more thorough explanation:
Definition: Trust intent refers to the intention of the person creating a trust (known as the settlor) to establish a trust. It is a necessary element of an express trust, which also requires trust property, a trustee, and identifiable beneficiaries.
Example: John wants to ensure that his children are taken care of after he passes away. He creates a trust and transfers ownership of his property to the trust. In doing so, John demonstrates his trust intent by clearly indicating his intention to create a trust for the benefit of his children.
Explanation: In this example, John's trust intent is evident in his actions. By transferring ownership of his property to the trust, he is demonstrating his intention to create a trust. This is a necessary element of an express trust, which requires the settlor to have a clear intention to create a trust for the benefit of others.