Trust Fund
A Trust fund is a legal entity that holds Assets for the benefit of specific individuals or organizations, known as beneficiaries. It is managed by a Trustee/">Trustee, who is responsible for overseEINg the fund’s Assets according to the terms set forth in the Trust document. Trust funds can contain various types of Assets, including cash, investments, real estate, and other property.
Examples of Trust funds include:
- Educational Trust Fund: Designed to provide for a child’s education expenses.
- Special Needs Trust: Established to ensure that individuals with disabilities receive financial support without jeopardizing their eligibility for government benefits.
- Revocable Trust/">Living Trust: Allows the grantor to retain control over Assets during their lifetime while providing for the distribution of those Assets upon their death.
Cases involving Trust funds may include:
- In re: Estate of John Doe: A case where a family disputed the management of a Trust fund set up for the deceased’s children, leading to a court ruling on the Trustee/">Trustee’s actions.
- Smith v. Jones: A legal battle over the interpretation of terms within a Trust fund that determined the timing and amount of distributions to beneficiaries.