Definition from Nolo’s Plain-English Law Dictionary
Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust "merges" and ceases to exist.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm