A trust fund in which the trustee controls the trust corpus, until the beneficiary reaches a certain age (as stated in the trust). When the beneficiary reaches said age, the trust funds will be transfered to the beneficiary.
Definition from Nolo’s Plain-English Law Dictionary
A trust created for a minor or young adult. The trustee controls the trust property until the young person reaches the age stated in the trust. At that time, trust funds are transferred to the beneficiary.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm