2007-07-16 08:12:40 · 3 answers · asked by Linda M 1 in Politics & Government ➔ Law & Ethics
Exactly what it sounds like. A trust is a legal entity, which, must like an individual or a corporation, may take certain actions, including owning property.
2007-07-16 09:05:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A trust is a legal entity that is set up to control and manage property (real estate, bank accounts, investments, whatever).
A trust splits legal and beneficial ownership of the property. Normally, one person owns the property, gets the benefits and makes the legal decisions.
However, in a trust, one person (called the "trustee") makes the legal decisions regarding the property, and another person ("the beneficiary") gets the benefits.
Any type of property can be held in a trust.
2007-07-16 19:16:04 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
What type of trust? I will assume that you are talking about personal property owned by a trust versus say commercial property?
People place property into trust accounts so that when they die the property does not have to go through probate rather it goes to the person designated when the trust is established.
2007-07-16 17:22:39 · answer #3 · answered by Starla 1 · 0⤊ 0⤋