Legal Definition and Related Resources of Simple trust
Meaning of Simple trust
A simple or passive trust corresponds with the ancient use, and is where property is simply vested in one person for the use of another, and the nature of the trust, not being qualified by the settler, is left to the construction of law. It differs from a “special trust,” in that the trustee performs no duty. 7 Watts & S. (Pa.) 25; 2 Bouv. Inst, note 1896. See “Trust.”
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You might be interested in these references tools:
| Resource | Description |
|---|---|
| Simple Trust in the Dictionary | Simple Trust in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Simple Trust |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
| Legal Answers (Q&A) | A community-driven knowledge creation process, of enduring value to a broad audience |
| Related topics | Simple Trust in the World Encyclopedia of Law |
Notice
This definition of Simple Trust is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
Vocabularies (Semantic Web Information)
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| Sitemap Index | Sitemap Index, including Taxonomies |
| https://legaldictionary.lawin.org/simple-trust/ | The URI of Simple Trust (more about URIs) |
English Legal System: Simple Trust
In the context of the English law, A Dictionary of Law provides the following legal concept of Simple Trust : (bare trust, naked trust, simple trust)
A trust in which the trustee has no obligation except to hand over the trust property to a person entitled to it, at the latter’s request. This will occur when the beneficiary is of full age and under no disability and the trustee has no duties in respect of the property.
Compare active trust.
Simple Trust Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Simple Trust in a way that is easy for anybody to understand: This type of TRUST is required to distribute all its income currently, whether or not the TRUSTEE actually does so, and it has no provision in the trust instrument for charitable contributions. It is to be distinguished from a COMPLEX TRUST. A trust may be a simple trust in one year and a complex trust in another year. In the year in which the trust distributes its corpus, it loses its classification as a simple trust.
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