trust property
121Interest in possession trust — An interest in possession trust is a form of legal arrangement which gives a person a present right to the present enjoyment of something [ Viscount Dilhorne in Pearson v IRC [1980] STC 318 at 323] . At least one of the beneficiaries of this type …
122grantor-retained trust — An irrevocable trust designed to save on estate tax. There are several kinds; with all of them, you keep income from trust property, or use of that property, for a period of years. When the trust ends, the property goes to the final beneficiaries …
123unit trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. unit trust …
124charitable lead trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. charitable lead trust …
125Testamentary trust — A testamentary trust (sometimes referred to as a will trust) is a trust which arises upon the death of the testator, usually under his or her will. Testamentary trusts are distinguished from inter vivos trusts, which are created during the… …
126QTIP trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. QTIP trust …
127Active Trust — A trust where the trustee is held accountable for additional responsibilities. With an active trust, those additional responsibilities can be in respect to the control or management of the trust, collection of rent, profits, and sale proceeds; in …
128massachusetts trust — noun Usage: usually capitalized M : an unincorporated business organization managed like and sometimes treated as a corporation (as for tax purposes) and first popular in Massachusetts in which the business capital is held in trust under a… …
