Definitions (2)

1.Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary). The four main types of trusts are: (1) Living: trust created by the trustor while he or she is alive. (2) Testamentary: trust established through a will and which comes into effect (is created) when the trustor dies. (3) Revocable: trust that can be modified or terminated by the trustor after its creation. (4) Irrevocable: trust that cannot be modified or terminated by the trustor after its creation.
2.Property interest held by a party (the trustee) for the benefit of another (the beneficiary).

Use trust in a sentence

  • If you are wondering how she is able to travel so much and work so little at such a young age, it is because her parents set up a trust that provides for most of her living expenses.

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  • The workers put their trust in the manager, relying on him to make decisions, knowing they would have to follow him and the orders he gave.

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  • If you have a sizeable amount of money that you wish to leave a beneficiary after your death, it would be beneficial to place the monies into a testamentary trust fund that is payable upon execution of your established will.

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