Definitions for trust law
trust law

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1. Trust law

   A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; in the United States, a trust is presumed to be irrevocable unless the instrument or will creating it states it is revocable, except in California, Oklahoma and Texas, in which trusts are presumed to be revocable until the instrument or will creating them states they are irrevocable. An irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners. They must provide a regular accounting of trust income and expenditures. Trustees may be compensated and be reimbursed their expenses. A court of competent jurisdiction can remove a trustee who breaches his/her fiduciary duty. Some breaches of fiduciary duty can be charged and tried as criminal offences in a court of law. A trustee can be a natural person, a business entity or a public body. A trust in the United States may be subject to federal and state taxation. A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed. It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role. For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries.Trusts have existed since Roman times and have become one of the most important innovations in property law. Trust law has evolved through court rulings differently in different states, so statements in this article are generalizations; understanding the jurisdiction-specific case law involved is tricky. Some U.S. states are adapting the Uniform Trust Code to codify and harmonize their trust laws, but state-specific variations still remain. An owner placing property into trust turns over part of his or her bundle of rights to the trustee, separating the property's legal ownership and control from its equitable ownership and benefits. This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased. Testamentary trusts may be created in wills, defining how money and property will be handled for children or other beneficiaries. While the trustee is given legal title to the trust property, in accepting title the trustee owes a number of fiduciary duties to the beneficiaries. The primary duties owed include the duty of loyalty, the duty of prudence, and the duty of impartiality. Trustees may be held to a very high standard of care in their dealings in order to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to a number of ancillary duties in support of the primary duties, including duties of openness and transparency, and duties of recordkeeping, accounting, and disclosure. In addition, a trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all profits from the trust properties. There are strong restrictions regarding a trustee with a conflict of interest. Courts can reverse a trustee's actions, order profits returned, and impose other sanctions if they find a trustee has failed in any of its duties. Such a failure is termed a breach of trust and can leave a neglectful or dishonest trustee with severe liabilities for its failures. It is highly advisable for both settlors and trustees to seek qualified legal counsel prior to entering into a trust agreement.

How to pronounce trust law?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say trust law in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of trust law in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of trust law in Pythagorean Numerology is: 8

Examples of trust law in a Sentence

1. Mike Schmidt:

   I have confidence that the( police department) will continue their mission to maintain public safety, in the meantime, my office will continue to focus on the fair and just prosecution of criminal matters. The Portland Police Association can not expect the community to trust law enforcement if The Portland Police Association hold The Portland Police Association to a lower standard.

2. Anna Eskamani:

   We want domestic violence survivors to trust law enforcement, and to feel comfortable reporting a crime.

3. Michael Wright:

   It’s important to start holding these officers accountable for their bad actions and their bad acts, i think it will go a long way for one, the public to trust law enforcement, for two, to potentially change the behavior of officers and their interaction with individuals that shouldn’t be killed or should not endure excessive force.

4. William McCants:

   The effort to build up rapport with Muslims in the U.S. is predicated on the idea that you're worried about the community and you want them to trust law enforcement more and be more willing to give information about people who may be radicalizing.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Trust_Law