trustable (Meaning)

a charitable remainder trust in which the named beneficiaries receive a fixed payment of not less than five percent of the fair market value of the original principal over the course of a specified period after which the remaining principal passes to charity, bypass trust in this entry, property held or managed by one person or organization (as a bank) for the benefit of another, a trust arising by operation of law when the circumstances of a transaction imply the creation of a trust that is not expressly created by the parties and especially when a trust is necessary to avoid an inequitable result or to prevent fraud, a trust in which the settlor or trustee has duties to perform (as securing the property, ascertaining the objects of the trust, or making distributions), a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property, a testamentary trust naming a surviving spouse as the beneficiary see also marital deduction trust and power of appointment trust in this entry, power of appointment trust in this entry, an implied trust based upon the presumed intentions of the parties as inferred from all the circumstances that the party holding legal title to trust property holds it for the benefit of the other compare constructive trust in this entry, assured reliance on the character, ability, strength, or truth of someone or something, a trust that is taxed at the settlor's tax rate because the settlor has the power to control the beneficial enjoyment of the trust, retains a reversionary interest in the trust, has administrative powers over the trust, has the power to revoke the trust, or benefits from the income of the trust, a trust that is either a charitable remainder annuity trust or a charitable remainder unitrust, a trust created often in accordance with a separation agreement in which property is transferred to the trust as a source of support for a divorced spouse with a remainder to someone else, a property interest held by one person for the benefit of another, a trust created by the settlor's spoken statements especially for the purpose of transferring real property as part of an agreement between the settlor and the trustee, to hope or expect confidently, a trust that receives the assets that make up its principal by operation of a testamentary disposition to it usually of the residue of an estate or from another trust upon the settlor's death, a trust created for the purpose of performing charity or providing social benefits, a trust that attempts to shield assets from the beneficiaries' creditors by providing that it is within the trustee's discretion to refuse to pay a beneficiary or that a beneficiary forfeits his or her interest in the trust upon a creditor's attempt to reach it, care, custody, something committed or entrusted to one to be used or cared for in the interest of another, to be confident, a trust over which the settlor has retained the power of revocation, an implied trust imposed by a court to prevent the unjust enrichment of one who has wrongfully obtained (as through fraud or bad faith) title to the property or a property interest of another, to permit to stay or go or to do something without fear or misgiving, a business trust that is a closed-end investment company, to give financial credit to, financial credit, totten trust in this entry, a trust created by the transfer of legal title to shares of stock to a trustee or trustees who exercise the corporate voting rights conferred by ownership of the shares as agreed in the trust instrument, business trust in this entry, inter vivos trust in this entry, a trust under which all current income must be distributed and no principal may be distributed, a trust that is created for a purpose which is not charitable and that names no specific beneficiary, a trust in which a spouse leaves his or her estate upon death to a trust naming the surviving spouse as beneficiary usually with remainders to children or other descendants, to place confidence, reliance on future payment for property (such as merchandise) delivered, a trust or use under which the trustee has no duties to perform, a trust to which qualified terminable interest property is transferred for purposes of taking the marital deduction, an irrevocable trust in which the grantor retains the right to receive annually a percentage of the fixed net fair market value of the assets for a specified term after which the trust assets transfer to the beneficiary, an irrevocable trust in which the grantor retains the right to a fixed annuity for a set term of years after which the trust assets transfer to the beneficiary, a trust in which nothing is left to be done by the trustee but preserve the property and execute the purpose of the trust, the condition, obligation, or right of one to whom something is confided, to extend credit to, a trust which allows a donor to place a gift in trust while qualifying for the gift tax annual exclusion by giving the beneficiary an immediate right to the gift for a limited time after which it can only be accessed under the terms of the trust, a trust in which the principal consists of an insurance policy or its proceeds, firm belief in the character, ability, strength, or truth of someone or something, to rely on the truth of, a trust that becomes effective during the lifetime of the settlor, a trust that is created for the purpose of making profit and that is usually characterized by some kind of commercial activity, transferable certificates of interest, existence continuing after the death of beneficiaries, limited liability, legal title in the hands of trustees, and officers having duties of management, one that reduces competition or is thought to present a threat of reducing competition compare antitrust, a marital trust created in order to qualify for the marital deduction, a trust created to effectuate a real estate ownership arrangement in which the trustee holds legal and equitable title to the property subject to the provisions of a trust agreement setting out the rights of the beneficiaries whose interests in the trust are declared to be personal property, a marital trust that provides a surviving spouse with a life estate in property and a power of appointment allowing appointment of the property to the surviving spouse or to his or her estate, one in which confidence is placed, a resulting trust arising where not abolished by statute when property is purchased with title in the name of one person but using the money of another, a business trust similar to a closed-end investment company except that it invests in real estate either as an owner having equity in the property or as a lender holding mortgages on the property, a trust intentionally created by the settlor, a person or thing in which confidence is placed, dependence on something future or contingent, a charitable remainder trust in which the named beneficiaries receive payments of a fixed percentage and not less than five percent of the value of the trust assets as determined annually for a specified period after which the remainder passes to charity, responsible charge or office, a trust in which the principal goes to a skip person usually following payment of income for life to a non-skip person, land trust in this entry, a trust in which individuals are named as beneficiaries to receive income for a period of time (as the lifetimes of the beneficiaries) after which the principal passes to charity, a charge or duty imposed in faith or confidence or as a condition of some relationship, an insurance trust created as a retirement plan in which individual life insurance policies are purchased for employees and held in trust by the employer to fund the plan, to place in one's care or keeping, a trust under which any or all income does not have to be distributed and principal may be distributed compare simple trust in this entry, a combination of firms or corporations formed by an agreement establishing a trust whereby shareholders in the separate corporations exchange their shares for shares representing proportionate interest in the principal and income of the combination and surrender to the trustees the management and operation of the combined firms or corporations, to place confidence in, implied trust in this entry, confident hope, a trust created by a deposit in a bank by one person as trustee for another that is revocable until the death of the depositor, custody, to commit or place in one's care or keeping, a trust created for the purpose of holding property for beneficiaries whose identities are kept secret, a combination of firms or corporations formed by a legal agreement, to hope or expect with confidence, a trust in which a charity is named as the beneficiary for a period of time after which named individuals succeed as beneficiaries, a grantor trust lasting at least ten years with income payable to a beneficiary and principal reverting to the settlor upon termination, an irrevocable trust in which the grantor retains the right to all income for a specified term or for whichever comes first of a specified term or death after which the trust assets transfer to the beneficiary, a trust that gives the trustee authority to exercise his or her discretion in distributing principal or income to the beneficiary, in the care or possession of a trustee, a trust in which principal and income are allowed to accumulate rather than being paid out, a trust created in a will to be effective upon the settlor's death, responsibility for safety and well-being, a trust operating as a vehicle for investment whose portfolio consists of long-term bonds that are held to maturity, constructive trust in this entry, something (as a public office) held or managed by someone for the benefit of another, a trust in which legal title remains in the trustee who has a duty to act affirmatively (as in exercising control, discretion, and judgment) with regard to the property compare passive trust in this entry, a trust that is created for the benefit of a spendthrift who is paid income therefrom and that cannot be reached by creditors to satisfy the spendthrift's debts, passive trust in this entry, a combination or aggregation of business entities formed by any of various means, to sell or deliver on credit, a trust from which the beneficiary receives annually a fixed percentage of the net fair market value of the trust assets, trustworthiness, to rely on the truthfulness or accuracy of, an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus, declaration of trust at declaration sense 4, principal, settlor, a trust that cannot be revoked by the settlor after its creation except upon the consent of all the beneficiaries, one that reduces or threatens to reduce competition, a trust created by a positive act of the settlor and set down in writing that expresses the intention to create a trust, identifies the property to be placed in trust, and names beneficiaries, an equitable remedy to prevent unjust enrichment by imposing a constructive trust