A Totten trust is a bank account in the depositor’s name “as trustee for” a named beneficiary. A Totten trust can be revoked by: (1) the withdrawal of all money from the bank account; (2) if there is an express revocation in writing made...
trusts, inheritances & estates
transfer-on-death deed
Transfer-on-death deed is a deed that automatically transfers property to a designated beneficiary upon the death of the property owner without probate, facilitating the executor's disposition of the property owner's assets after death. The...
trust
A trust is a form of division of property rights and a fiduciary relationship, in which ownership of assets goes to a third party, known as a trustee, and the beneficial enjoyment goes to the beneficiary. The person who transfers the property...
trust administration
Trust administration refers to the tasks associated with managing the assets, distributions, and filings of a trust. The tasks can often be quite complex and time sensitive. The trustee responsible for trust administration has fiduciary...
trust beneficiary
The trust beneficiary is the party for whose benefit the trustee holds the title to the trust property.
trust corpus
The term “corpus” is Latin for "body.” A trust corpus is the "body" of the trust. This is the property that is transferred into the trust; also known as the trust res. A trust corpus is one of the fundamental elements that has to be defined...
trust declaration
Trust declaration is a document of trust either in written or oral form. It binds the trustee to be appointed to manage the assets for the benefit of a third party. It usually contains the list of the assets, the trust’s purpose, the way of...
trust deed
Trust deed (commonly referred to as a deed of trust) is a type of secured real-estate transaction that some states like California and Massachusetts use instead of mortgages. See State Property Statutes.
To finance property...
trust fund
A trust fund is a fund held in a trust by a trustee or trust company; a legal entity that holds property or assets for the benefit of another (the beneficiary).
[Last updated in August of 2021 by the Wex Definitions Team]...
trust fund recovery penalty (TFRP)
A trust fund recovery penalty (TFRP) is a hefty fine charged for an employer knowingly or willfully keeping employee FICA and income taxes owed to the IRS. Employers retain taxes owed by an employee to the IRS from their paychecks and submit...