释义 |
Simple trust
simple trustn. a trust which requires that all income be distributed each year and not accumulated. (See: trust) SIMPLE TRUST. A simple 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. (q.v.) 2 Bouv. Inst. n. 1896. Simple Trust
Simple TrustA trust in which the beneficiary may take ownership of the assets in the trust at any time. He/she may also take any and all income the trust produced whenever he/she wishes. The trustees of a simple trust must act in accord with the beneficiary's wishes. A simple trust contrasts with other types of trusts, in which the trustees are not answerable to the beneficiary. A simple trust is also called a bare trust. |