IN TRUST Meaning and
Definition
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The term "in trust" refers to a legal arrangement where a person or entity, known as the trustee, holds property, assets, or funds on behalf of another person or entity, called the beneficiary. In this arrangement, the assets are legally owned by the trustee, but they have a fiduciary duty to act in the best interests of the beneficiary and manage the assets for their benefit.
The concept of "in trust" is often used in the context of wills, trusts, and estate planning, where a person may want to transfer their assets to someone else but wishes to retain some control or specify conditions on how those assets are used. The trustee becomes the legal custodian of the assets and is responsible for administering them diligently and according to the terms of the trust.
The arrangement typically involves a trust document or agreement that outlines the purpose of the trust, the powers and responsibilities of the trustee, and the rights and entitlements of the beneficiary. It is essential for the trustee to act honestly, prudently, and diligently, ensuring that their decisions and actions align with the best interests of the beneficiary and the objectives of the trust.
In summary, "in trust" refers to a legal arrangement where a trustee holds assets on behalf of a beneficiary, managing them in accordance with the terms and objectives of the trust. The trustee has a fiduciary duty to act in the best interests of the beneficiary and must exercise due care and diligence in managing the assets.
Common Misspellings for IN TRUST
Etymology of IN TRUST
The etymology of the phrase "in trust" can be broken down as follows:
1. In: The word "in" is a preposition that indicates being inside, as in within or enclosed in something. It comes from the Old English word "in", which has the same meaning.
2. Trust: The word "trust" is derived from the Old Norse word "traust", which means trust or confidence. This Old Norse term is related to the Old English word "trēowian", meaning to believe or have faith.
When combined, "in trust" signifies the act of placing something, such as property or assets, in someone's care or control based on trust and confidence.
Idioms with the word IN TRUST
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in trust
"In trust" means to hold or keep something for someone else's benefit, usually in a legal or fiduciary capacity. It implies a sense of responsibility and duty to manage and protect the entrusted item or information.
Similar spelling words for IN TRUST
- interstice,
- intrusive,
- interval,
- interstate,
- entrusts,
- interesting,
- interceptor,
- intruder,
- interment,
- interested,
- interrupt,
- intercom,
- inter,
- intrastate,
- intermix,
- Interpol,
- interschool,
- intersperse,
- interest,
- interim,
- intrusion,
- internee,
- internal,
- internet,
- internist,
- internship,
- interpreted,
- in terms of,
- intern,
- interdict,
- intersexual,
- in turn,
- interior,
- interred,
- intersex,
- interlude,
- interject,
- intertwine,
- intersect,
- intertribal,
- interfaith,
- internuncio,
- interrupted,
- interpreter,
- interact,
- intertidal,
- in truth,
- intercept,
- intrust,
- interpret,
- intermural,
- interne,
- interrupter,
- intercostal,
- interaction,
- intrude,
- intertwined,
- internment,
- interactive,
- entrust,
- intertrigo,
- intermit.
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