from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun law A
trustthat is created for the benefitof a person(often because that beneficiaryis unable to control spending) that gives an independent trusteefull authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary, thus keeping the fundsin the trust beyond the reach of creditors.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- noun a trust created to maintain a beneficiary but to be secure against the beneficiary's improvidence
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