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A trust is a legal relationship in which the legal title to property is severed from the equitable title. In the United States, trusts are a matter of state law, as opposed to federal law. There are three participant sin every trust relationship: (1) a “grantor,” “settlor,”or “trustor” (hereinafter “settlor”), who establishes the trust and provides the property to be held in trust;(2) a “trustee,” who is charged by the settlor with the responsibility of managing the trust in accordance with the settlor’s instructions; and (3) a “beneficiary,” who receives the benefits from the property held in trust.Restatement (Third) of Trusts § 2 (2001). Legal title to the property is held by the trustee; equitable title is held by the beneficiary.
Estate Planning |
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» BVI VISTA Trusts and Preserving the Family Enterprise » Estate Planning Lets You Call The Shots |
Probate & Trust |
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