Trust: Difference between revisions
imported>Doug Williamson (Add links.) |
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* [[Settlor]] | * [[Settlor]] | ||
* [[Social Business Trust]] | * [[Social Business Trust]] | ||
* [[Taxable person]] | |||
* [[Trust account]] | * [[Trust account]] | ||
* [[Trust deed]] | * [[Trust deed]] | ||
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[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:Compliance_and_audit]] | |||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
Revision as of 00:22, 11 February 2024
1. Law.
In many legal systems, a trust is a legal arrangement for managing assets.
Assets are held and managed by one person (or people) to benefit another person (or people).
Those who hold and manage the assets are known as trustees.
The people on whose behalf the trustees are working are known as beneficiaries.
A company can act as a trustee.
The trust separates the legal ownership of the assets from the beneficial interest.
The trustees become the legal owners of the trust property.
The trustees manage the trust property for the people who are beneficially interested in it, namely the beneficiaries.
The purposes of the trust are set out in the trust deed.
2. Law and pensions.
In a pensions context, the beneficiaries of the pension trust are the members of the pension scheme.
3. US.
An organisation, or group of organisations, that has control - or attempts to gain control - of a market by the use of monopoly or other anti-competitive trade practices.
4.
A belief that someone or something is reliable, honest or good.
