trust agreement
Definition
Formal agreement through which a trustor vests the ownership rights (title) to one or more assets to one or more trustees for conservation and protection on behalf of one or more beneficiaries of the trust. It normally states the (1) purpose for which the trust was established and fulfillment of which will terminate the trust, (2) details of the assets placed in the trust, (3) powers and limitations of the trustees, their reporting requirements, and other associated provisions, and (4) may also specify the trustees' compensation, if any. A trust agreement involving real estate requires its exact description and the trustor's express, written consent to create the trust to be valid. A will admitted to probate may also act like a trust agreement. Also called trust deed, trust document, or trust instrument.
trust agreement is in the Corporate, Commercial, & General Law subject.
trust agreement appears in the definitions of the following terms:
de son tort trustee,
trust property,
trust document,
trustee,
variation of trust,
trust account,
grantor trust,
trust deed,
trust enforcer,
indestructible trust
and
This content can be found on the following page:
http://www.businessdictionary.com/definition/trust-agreement.html
email to a friend print this definition cite this definition