Trust

A legal arrangement in which a trustee holds or manages property for beneficiaries under duties set by the trust instrument or law.

Trustee: A person or organization that holds or manages trust property under legal duties owed to beneficiaries. The trustee administers the property and must follow the trust’s terms and fiduciary duties.
Declaration of trust: A statement that property is held by one person for the benefit of another. A declaration can establish a trust without transferring legal title to a different trustee.
Revocable living trust: A trust created during the settlor’s lifetime that the settlor can generally amend or revoke. It can organize lifetime asset management and direct transfers at death.
Will: A legal document that states how a person’s property should be distributed after death. Unlike a will alone, a trust can hold and manage property during the settlor’s lifetime.
Trust law: The body of law governing the creation, administration, and enforcement of trusts. It supplies the rules that define trustee powers, beneficiary rights, and remedies.
Beneficiary: A person or organization entitled to benefit from property or rights held by another. Beneficiaries receive the benefits the trust is designed to provide.
Legal title: The formal ownership of property recognized by law. Trustees commonly hold legal title while beneficiaries hold rights to the trust’s benefits.
Testamentary trust: A trust created under a will and taking effect after the testator’s death. It lets a will direct how inherited property is managed for beneficiaries.
Agency: A legal relationship in which an agent acts on behalf of a principal. An agent acts for a principal, while a trustee holds property under duties to beneficiaries.
Fiduciary litigation: Legal disputes over whether a fiduciary complied with duties owed to another. Beneficiaries may challenge a trustee’s decisions or seek remedies for misconduct.

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