Synonym study 1. Trust, assurance, confidence imply a feeling of security. Trust implies instinctive unquestioning belief in and reliance upon something: to have trust in one's parents. Confidence implies conscious trust because of good reasons, definite evidence, or past experience: to have confidence in the outcome of events. Assurance implies absolute confidence and certainty: to feel an assurance of victory.
Examples from the Web for trust Others have taken the stage to tell women to just work harder and trust in karma. Tessa Wadsworth's Discipline Jennie M. The Colossus Opie Read. Maximina Armando Palacio Valds. See trust company , trust account def.
What Is a Trust?
Since trusts usually avoid probate , your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well. Designed to provide benefits to a surviving spouse; generally included in the taxable estate of the surviving spouse.
Also known as credit shelter trust , established to bypass the surviving spouse's estate in order to make full use of any federal estate tax exemption for each spouse. Outlined in a will and created through the will after the death, with funds subject to probate and transfer taxes; often continues to be subject to probate court supervision thereafter.
Allows you to receive an income stream for a defined period of time and stipulate that any remainder go to a charity. Using the generation-skipping tax exemption, permits trust assets to be distributed to grandchildren or later generations without incurring either a generation-skipping tax or estate taxes on the subsequent death of your children.
Used to provide income for a surviving spouse. Often used in second marriage situations, as well as to maximize estate and generation-skipping tax or estate tax planning flexibility. Irrevocable trust funded by gifts by its grantor ; designed to shift future appreciation on quickly appreciating assets to the next generation during the grantor's lifetime.
There are many types of trusts; a major distinction between them is whether they are revocable or irrevocable. Revocable trust: Also known as a living trust, a revocable trust can help assets pass outside of probate, yet allows you to retain control of the assets during your the grantor's lifetime. It is flexible and can be dissolved at any time, should your circumstances or intentions change. A revocable trust typically becomes irrevocable upon the death of the grantor. You can name yourself trustee or co-trustee and retain ownership and control over the trust, its terms and assets during your lifetime, but make provisions for a successor trustee to manage them in the event of your incapacity or death.
Although a revocable trust may help avoid probate, it is usually still subject to estate taxes. It also means that during your lifetime, it is treated like any other asset you own. Irrevocable trust: An irrevocable trust typically transfers your assets out of your the grantor's estate and potentially out of the reach of estate taxes and probate, but cannot be altered by the grantor after it has been executed.
Leading with Trust
Therefore, once you establish the trust, you will lose control over the assets and you cannot change any terms or decide to dissolve the trust. What made you want to look up trust? Please tell us where you read or heard it including the quote, if possible. Test Your Knowledge - and learn some interesting things along the way. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!
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Examples of trust in a Sentence Noun A hope is more than resolve, and it is based on trust in a divine faithfulness that operates not only within history, but also beyond history.
Chemical Structure Association Trust
His lies and deception shattered my trust in him. She has no trust in the security of online banking. He created a trust for his children. The property will be held in trust until her 18th birthday. Kennedy , Atlantic , March Working together is going to be difficult if you don't trust each other. I know what I'm doing. I should never have trusted him. Their company is a trusted name in quality appliances. Don't trust everything you read. You can't trust the rumors. You should trust your instincts and do what you think is right. It taught me a tough lesson about public trust," 19 Aug.
First Known Use of trust Noun 13th century, in the meaning defined at sense 1a Verb 13th century, in the meaning defined at intransitive sense 1a. Learn More about trust. Resources for trust Time Traveler! Explore the year a word first appeared. Dictionary Entries near trust truss leg truss rod trusswork trust trustbuster trust certificate trust company.
Time Traveler for trust The first known use of trust was in the 13th century See more words from the same century. More Definitions for trust. Financial Definition of bypass trust.
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What It Is Also called a credit-shelter trust , a bypass trust is a method of passing assets to beneficiaries without subjecting those assets to estate taxes. Why It Matters Bypass trusts help parents pass assets to children or other beneficiaries or spouses pass assets to each other in a manner that prevents the assets from being subjected to estate tax multiple times.
Financial Definition of dry trust.
What It Is Also called a naked trust or a passive trust , with a dry trust, a person transfers assets into a trust in order to pass them on to heirs or beneficiaries. Why It Matters Dry trusts are a way to ensure that beneficiaries receive assets as intended, but they also mean the benefactor gives up control over the assets. Financial Definition of land trust.
What It Is A land trust is a trust comprised exclusively of real estate assets. How It Works A land trust holds one or more properties for the benefit of a designated group or organization beneficiary. Why It Matters The activities of a land trust, as with any manner of trust, are private in nature.
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Financial Definition of naked trust. What It Is Also called a dry trust or a passive trust , with a naked trust, a person transfers assets into a trust in order to pass them on to heirs or beneficiaries. Why It Matters Naked trusts are a way to ensure that beneficiaries receive assets as intended, but they also mean the benefactor gives up control over the assets.