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TOPIC: What is a trust?

What is a trust? 3 years 11 months ago #82


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This thread is to address questions regarding trust basics.

Full Definition of TRUST from Merriam Webster:

1
a : assured reliance on the character, ability, strength, or truth of someone or something
b : one in which confidence is placed
2
a : dependence on something future or contingent : hope
b : reliance on future payment for property (as merchandise) delivered : credit <bought furniture on trust>
3
a : a property interest held by one person for the benefit of another
b : a combination of firms or corporations formed by a legal agreement; especially : one that reduces or threatens to reduce competition
4
archaic : trustworthiness
5
a (1) : a charge or duty imposed in faith or confidence or as a condition of some relationship (2) : something committed or entrusted to one to be used or cared for in the interest of another
b : responsible charge or office

c : care, custody <the child committed to her trust>
— in trust
: in the care or possession of a trustee
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What is a trust? 3 years 2 months ago #392

I am surprised that there hasn't been response to this post...

Can we discuss what happens in the absence of a trust?

If some property is used as a naked owner (possession, beneficial interest) but there has not been a trustee designated as the controlling party, a construct trust may be instituted by the county/state/federal goons, yes?

What a trust does in theory:

1) it designates a legal controller/representative

2) it indicates the law that will apply to the property

3) it serves to indicate intent to protect the rights of the beneficiaries and to keep the property private if executed correctly.

This is all my understanding from study but not from first-hand experience.

One very important thing I've come to understand from my reading is that the terms of the trust ARE the law in regard to how the property will be used and what the property might be subject to. If the intent is clear at all, the property is bound by the terms of the trust. The terms do not need to be made public, but redacted version of the trust document can be issued to a court or a party that needs to know. The trust document is never recorded or otherwise made public.

Thoughts? Corrections?

Thanks all-- I am glad to be here and hope for some good talk on these ideas.

-Brian
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What is a trust? 1 month 2 weeks ago #937


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I like the simplicity stated here. Maybe Christian can comment on the validity?
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