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Simple English definitions for legal terms
Trust Property
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A quick definition of Trust Property:
Trust Property: Trust property is the property that is held in a trust. It can be anything that is considered valuable and can be transferred legally. This property is also known as "trust res" or "corpus". It must be identified and currently existing. To create a trust, there must be trust intent, a trustee, definite beneficiaries, and trust property.
A more thorough explanation:
Definition: Trust property, also known as "trust res" or "corpus," refers to the property that is the subject of a trust. This property must be currently existing and identifiable. Trust property can be any type of property interest that the law recognizes as a valid property interest that can be transferred. It is a necessary component of an express trust, along with trust intent, a trustee, and definite beneficiaries.
- A house that is placed in a trust for the benefit of a specific individual or group of individuals.
- A sum of money that is placed in a trust to be used for the education of a specific person or group of people.
These examples illustrate trust property because they are both specific types of property that are being placed in a trust for the benefit of a specific individual or group of individuals. The property is identifiable and currently existing, and it is being transferred to the trust for a specific purpose.