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Learn the legal definition of held in trust and its significance for business owners. Discover how this concept allows for professional asset management, asset protection, and seamless wealth transfer.
Jan 23, 2013 · A trust is created by a ‘settlor’, who transfers some (or all) of their property to a ‘trustee’. The trustee will then hold that Trust property for the benefit of the ‘beneficiaries’. This can include money, investments, land or buildings.
Held in trust means held as private moneys either within a separate account within the associated student body fund or in a trust fund to be disbursed exclusively for an intended purpose.
Definition & Citations: A term used to describe property held by a person who is not the owner but who is a trustee or an agent. TLD Example: The parties to the contract agreed to have the down payment held in trust by the attorney for the seller until the transaction was completed.
In the legal context, Held in trust means Property held by someone other than the owner, such as a trustee or an agent. Such trustee or agent is responsible to the owner and, for a fee, may manage the property and turn over to him any moneys earned by the property.
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor.
If something valuable is kept in trust, it is held and protected by a group of people or an organization on behalf of other people.
Apr 8, 2024 · An account in trust or trust account refers to any type of financial account that is opened by an individual and managed by a designated trustee for the benefit of a third party per agreed-upon...
Mar 16, 2024 · A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, the trustee, the right to hold title...
Trust Deeds in Malaysia. The Trust Deed, the Trustee, the Settlor and the Beneficiaries are the key components that make up the Trust. What is a Trust Deed? The Trust Deed is an agreement between the Settlor and the Trustee. The Trust Deed is a legal document on how to manage properties and assets of an estate.
