Trust

Advancement
Advancement refers to a payment made by a parent to a child during the parent's lifetime, intended to go towards what the child would receive as a beneficiary or heir upon the parent's death.
Contingent Beneficiary
A contingent beneficiary is an individual or entity entitled to receive the proceeds or benefits of a trust or estate only when a specified event occurs, such as the death of a named beneficiary.
Declaration of Trust
A Declaration of Trust is a written statement by a trustee acknowledging that the property is held for the benefit of another party.
Donee
A donee is a person or entity who receives a gift, trust, power, right, or interest without the need to provide consideration in return.
Fiduciary
A fiduciary is a person, company, or association holding assets in trust for a beneficiary, with the responsibility of investing the money wisely for the beneficiary's benefit.
Grantor
A grantor is an entity, often an individual or trustee, that transfers, or 'grants,' assets or rights to another party; in the context of investments and law.
Income Beneficiary
An income beneficiary is an individual or entity who is entitled to receive income generated by an estate or trust, rather than the principal property (corpus).
Totten Trust
A Totten Trust, also known as a payable-on-death (POD) account, is a type of trust where the assets are designated for a beneficiary, but the grantor retains control and the right to reclaim the assets. When the grantor dies, the assets pass to the beneficiary, but not until they have been included as part of the grantor's taxable estate.
Trust
An arrangement enabling property to be held by one or more trustees for the benefit of beneficiaries, commonly used to provide for families and in commercial situations.
Trust Instrument
A trust instrument is a legal document that creates a trust and stipulates its terms, trustee, beneficiaries, income, and corpus disposition.
Trust, General Management
A comprehensive guide to understanding the nature, administration, and implications of general management in trust operations.
United States Person
For income tax purposes, a United States Person (USP) refers to any individual or entity that falls under the umbrella of being liable to U.S. taxation, including citizens, residents, domestic partnerships, corporations, and certain estates and trusts.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.