TRUSTS Meaning and
Definition
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Trusts, in legal and financial terminology, refer to a type of legal arrangement made in order to manage property or assets for the benefit of someone else, known as the beneficiary. It is a legal relationship wherein a person or entity, called the trustee, holds legal title to the property but has an obligation to manage and use it for the benefit of another party.
In a trust, the trustee is entrusted with the responsibility of maintaining and preserving the property as per the terms and conditions established in the trust agreement or document. The trustee is bound by fiduciary duty, which means they are expected to act in the best interests of the beneficiary and diligently execute their duties.
Trusts are frequently utilized for estate planning purposes, as they allow individuals to transfer their assets to the trust during their lifetime or upon death. This facilitates the smooth transfer of property to the intended beneficiaries while minimizing potential legal and tax complications.
Trusts also offer benefits such as asset protection, as they can shield assets from creditors or legal claims. They provide a level of privacy since the assets held within a trust may not be subject to public disclosure. Additionally, trusts can be used to manage charitable contributions and philanthropic endeavors.
Overall, trusts serve as a legally binding vehicle for individuals and organizations to safeguard and manage their assets on behalf of others, ensuring their proper utilization while maintaining the desired level of control and privacy.
Common Misspellings for TRUSTS
Etymology of TRUSTS
The word "trusts" has an etymology from the Old Norse word "traust", which means "confidence" or "trust". It has also been influenced by the Old English word "trēowian", meaning "to believe" or "to have faith". The word eventually evolved into "trust" in modern English, referring to the belief or confidence placed in someone or something.
Similar spelling words for TRUSTS
- treaster,
- trustee,
- triostium,
- trusty,
- trousdale,
- tract,
- truster,
- trusting,
- troester,
- Trista,
- tryst,
- thrust,
- trustful,
- trusted,
- trust,
- trussed,
- truscott.
Conjugate verb Trusts
CONDITIONAL
I
would trust
we
would trust
you
would trust
he/she/it
would trust
they
would trust
FUTURE
I
will trust
we
will trust
you
will trust
he/she/it
will trust
they
will trust
FUTURE PERFECT
I
will have trusted
we
will have trusted
you
will have trusted
he/she/it
will have trusted
they
will have trusted
PAST
I
trusted
we
trusted
you
trusted
he/she/it
trusted
they
trusted
PAST PERFECT
I
had trusted
we
had trusted
you
had trusted
he/she/it
had trusted
they
had trusted
PRESENT
I
trust
we
trust
you
trust
he/she/it
trusts
they
trust
PRESENT PERFECT
I
have trusted
we
have trusted
you
have trusted
he/she/it
has trusted
they
have trusted
I
am trusting
we
are trusting
you
are trusting
he/she/it
is trusting
they
are trusting
I
was trusting
we
were trusting
you
were trusting
he/she/it
was trusting
they
were trusting
I
will be trusting
we
will be trusting
you
will be trusting
he/she/it
will be trusting
they
will be trusting
I
have been trusting
we
have been trusting
you
have been trusting
he/she/it
has been trusting
they
have been trusting
I
had been trusting
we
had been trusting
you
had been trusting
he/she/it
had been trusting
they
had been trusting
I
will have been trusting
we
will have been trusting
you
will have been trusting
he/she/it
will have been trusting
they
will have been trusting
I
would have trusted
we
would have trusted
you
would have trusted
he/she/it
would have trusted
they
would have trusted
I
would be trusting
we
would be trusting
you
would be trusting
he/she/it
would be trusting
they
would be trusting
I
would have been trusting
we
would have been trusting
you
would have been trusting
he/she/it
would have been trusting
they
would have been trusting
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