Understanding Trusts and Powers of Appointment
Classified in Philosophy and ethics
Written on in English with a size of 2.23 KB
What is a Trust?
A trust is a relationship where a trustee is legally obligated to hold property (real or personal) for the benefit of beneficiaries or for a legally permitted purpose. The trustee manages the property, but the benefits accrue to the beneficiaries.
A trust is a legal relation in which a trustee (an individual or a qualified trust company) holds property for the benefit of a beneficiary. The property can be any kind of real or personal property.
Public vs. Private Trusts
The key difference lies in the beneficiaries. In a public trust, the beneficiaries are an uncertain and fluctuating group, often the public at large. In a private trust, the beneficiaries are definite and ascertained individuals.
- Public Trust: Managed by a board of