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Dictionary of Law |
trust :: legal definitionTrust - n. an entity created to hold assets for the benefit of certain persons or entities, with a trustee managing the trust (and often holding title on behalf of the trust). Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written declaration of trust which establishes the trust and spells out the terms and conditions upon which it will be conducted. The declaration also names the original trustee or trustees, successor trustees or means to choose future trustees. The assets of the trust are usually given to the trust by the creators, although assets may be added by others. During the life of the trust, profits and, sometimes, a portion of the principal (called "corpus") may be distributed to the beneficiaries, and at some time in the future (such as the death of the last trustor or settlor) the remaining assets will be distributed to beneficiaries. A trust may take the place of a will and avoid probate (management of an estate with court supervision) by providing for distribution of all assets originally owned by the trustors or settlors upon their death. There are numerous types of trusts, including "revocable trusts" created to handle the trustors' assets (with the trustor acting as initial trustee), often called a "living trust" or "inter vivos trust" which only becomes irrevocable on the death of the first trustor; "irrevocable trust," which cannot be changed at any time; "charitable remainder unitrust," which provides for eventual guaranteed distribution of the corpus (assets) to charity, thus gaining a substantial tax benefit. There are also court-decreed "constructive" and "resulting" trusts over property held by someone for its owner. A "testamentary trust" can be created by a will to manage assets given to beneficiaries. See also: constructive trust declaration of trust inter vivos trust living trust resulting trust settlor testamentary trust trustee trustor and Related Law Terms ↓ Related Law Termsacknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.actionable :: adj. when enough facts or circumstances exist to m ... ction lawsuit malicious prosecution administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate advancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death adverse witness :: n. a witness in a trial who is found by the judge ... r the opposition. See also: witness apparent authority :: n. the appearance of being the agent of another (e ... e also: agency ostensible authority appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal." arrest :: v. 1) to take or hold a suspected criminal with le ... anda warning probable cause warrant bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff. bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis bigamy :: n. the condition of having two wives or two husban ... d to several husbands is polyandry. capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange capital punishment :: n. execution (death) for a capital offense. The U. ... or death. See also: capital offense care :: n. in law, to be attentive, prudent and vigilant. ... she is involved. See also: careless charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate codicil :: n. a written amendment to a person's will, which m ... the writer. See also: probate will commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. complaint :: n. the first document filed with the court (actual ... g prayer service of process summons conditional bequest :: n. in a will, a gift which will take place only if ... rries." See also: bequest executory conservator :: n. a guardian and protector appointed by a judge t ... ies. See also: conservatee guardian constructive :: adj. a legal fiction for treating a situation as i ... ctive possession constructive trust constructive notice :: n. a fiction that a person got notice even though ... personally. See also: constructive constructive trust :: n. when a person has title to property and/or take ... tence. See also: constructive trust contempt of court :: n. there are essentially two types of contempt: a) ... roduce evidence. See also: sanction contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark co-trustee :: n. a trustee of a trust when there is more than on ... act alone. See also: trust trustee court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials. criminal calendar :: n. the list of criminal cases to be called in cour ... e plea preliminary hearing sentence cross-complaint :: n. after a complaint has been filed against a defe ... g prayer service of process summons d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state. declarant :: n. the person making a statement, usually written ... also: affiant affidavit declaration declaration of mailing :: n. a form stating that a particular document has b ... other party. See also: declaration declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will distribution :: n. the act of dividing up the assets of an estate ... p percentages. See also: distribute DNA :: n. scientifically, deoxyribonucleic acid, a chromo ... is strongly in favor of admission. equal protection of the law :: n. the right of all persons to have the same acces ... laws." See also: due process of law equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ escalator clause :: n. a provision in a lease or other agreement in wh ... instead of inflation. See also: cap estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will false arrest :: n. physically detaining someone without the legal ... sment. See also: false imprisonment fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases. fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust fiduciary relationship :: n. where one person places complete confidence in ... handling. See also: fiduciary trust foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default fraud :: n. the intentional use of deceit, a trick or some ... audulent conveyance intrinsic fraud future interest :: n. a right to receive either real property or pers ... maturity (age 18) or upon marriage. general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars. guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward habeas corpus :: (hay-bee-us core-puss) n. Latin for "you have the ... nality of a state court conviction. head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family." hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will hostile witness :: n. technically an "adverse witness" in a trial who ... so: adverse witness leading witness impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will information and belief :: n. a phrase often used in legal pleadings (complai ... nswer complaint declaration perjury insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust inter vivos trust :: n. a trust created by a writing (declaration of tr ... nter vivos testamentary trust trust interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock judgment creditor :: n. the winning plaintiff in a lawsuit to whom the ... 's rights judgment prevailing party jury :: n. one of the remarkable innovations of the Englis ... hallenge sequester venire voir dire juvenile court :: n. a special court or department of a trial court ... See also: court juvenile delinquent lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will lawsuit :: n. a common term for a legal action by one person ... See also: case cause of action suit legal aid society :: n. an organization formed to assist persons who ha ... bar association. See also: pro bono libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution. meet and confer :: n. a requirement of courts that before certain typ ... s which are freighted with emotion. Miranda warning :: n. the requirement, also called the Miranda rule, ... me such a suspect? See also: rights mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence non-discretionary trust :: n. a trust in which the trustee is directed to inv ... ower in the matter. See also: trust not guilty :: n. 1) plea of a person who claims not to have comm ... t guilty by reason of insanity plea not guilty by reason of insanity :: n. plea in court of a person charged with a crime ... fense not guilty temporary insanity notary public :: n. a person authorized by the state in which the p ... he state which appoints the notary. notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice pardon :: 1) v. to use the executive power of a Governor or ... also: amnesty commutation reprieve partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent per stirpes :: (purr stir-peas) adj. Latin for "by roots," by rep ... descent and distribution trust will possession :: n. 1) any article, object, asset or property which ... ctive possession. See also: possess pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction. probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will probation :: n. a chance to remain free (or serve only a short ... See also: attorney-client privilege product liability :: n. the responsibility of manufacturers, distributo ... e known. See also: warrant warranty promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury proof :: n. confirmation of a fact by evidence. In a trial, ... doubt preponderance of the evidence prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee qui tam action :: : (kwee tam) n. from Latin for "who as well," a la ... technical violations and/or errors. reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust rule against perpetuities :: n. the legal prohibition against tying up property ... . See also: restraint on alienation search and seizure :: n. examination of a person's premises (residence, ... robable cause search search warrant search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence servant :: n. an employee of an employer, technically one who ... ndent contractor master and servant settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor shortening time :: n. an order of the court in response to the motion ... e notice is served within 24 hours. spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will spontaneous exclamation :: n. a sudden statement caused by the speaker having ... et hit the girl." See also: hearsay statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage sum certain :: n. a specific amount stated in a contract or negot ... r redecoration of Williams' house." testamentary trust :: n. a trust created by the terms of a will. Example ... vivos trust living trust trust will tort :: n. from French for "wrong," a civil wrong or wrong ... nce slander trespass wrongful death trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor trustee in bankruptcy :: n. a person appointed by a bankruptcy court to sup ... f the debtors. See also: bankruptcy trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust will :: n. a written document which leaves the estate of t ... will and testament probate testator winding up :: n. liquidating the assets of a corporation or part ... ration cy pres doctrine partnership Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - TT.R.O. :: n. legal slang for temporary restraining order. Se ... order. See also: restraining ordertainted evidence :: n. in a criminal trial, information which has been ... e search and seizure search warrant take :: v. to gain or obtain possession, including the rec ... eal property or stealing an object. taking the Fifth :: n. the refusal to testify on the ground that the t ... ifth." See also: self-incrimination tangible property :: n. physical articles (things) as distinguished fro ... operty personal property personalty tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax tax costs :: n. a motion to contest a claim for court costs sub ... sts" to avoid paying these charges. Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax tax evasion :: n. intentional and fraudulent attempt to escape pa ... o reduce the amount of payable tax. tax return :: n. the form to be filed with a taxing authority by ... able to the taxpayer. See also: tax tax sale :: n. an auction sale of a taxpayer's property conduc ... government to collect unpaid taxes. temporary injunction :: n. a court order prohibiting an action by a party ... ry injunction. See also: injunction temporary insanity :: n. in a criminal prosecution, a defense by the acc ... diminished capacity insanity intent tenancy :: n. the right to occupy real property permanently, ... rety tenancy in common tenant title tenancy at sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer tenancy at will :: n. occupation of real property owned by another un ... right to occupy. See also: tenancy tenancy by the entirety :: n. joint ownership of title by husband and wife, i ... ee also: community property tenancy tenancy in common :: n. title to property (usually real property, but i ... on. See also: joint tenancy tenancy tenant :: n. a person who occupies real property owned by an ... rental payments. See also: tenancy tender :: 1) v. to present to another person an unconditiona ... he tender. See also: delivery offer |