Trust

A fiduciary relationship in which a person, called a trustee, holds title to property for the benefit of another person, called a beneficiary.

A trust is a formal, legal arrangement by which legal title and management responsibility for a person's property is given to a fiduciary, known as the trustee. The person who creates the trust is known as the grantor, settlor or donor. The property put into the trust is called the corpus (the body, literally), trust res (the thing in trust, literally), trust fund, or trust estate. Those who are designated to receive income from or ultimately the corpus of the trust are known as beneficiaries. Generally, filers need to report holdings and income from any trust or estate in which they, their spouse or dependent children hold a vested beneficial interest in principal or income. Income received in the form of a distribution from a trust is required to be reported by the filer in actual amount if a filer does not have a beneficial interest and the trust holdings have not been individually reported. Distributions to spouses and dependent children are not required to be reported. Consult your Ethics Official for assistance in reporting trusts.

When you create a trust, you transfer money or other assets to the trust.

You give up ownership of those assets in order to accomplish a specific financial goal or goals, such as protecting assets from estate taxes, simplifying the transfer of property, or making provision for a minor or other dependents.

When you establish the trust, you are the grantor, and the people or institutions you name to receive the trust assets at some point in the future are known as beneficiaries. You also designate a trustee or trustees, whose job is to manage the assets in the trust and distribute them according to the instructions you provide in the trust document.

a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another.

A legal document in which a person states what is to be done with his or her property after death. There are many types of trusts, and a trust may take the place of a will.

A legal device used to manage real or personal property, established by one person (grantor or settlor) for the benefit of another (beneficiary). See trustee.

1. In cryptology and cryptosystems, that characteristic allowing one entity to assume that a second entity will behave exactly as the first entity expects. Note: Trust may apply only for some specific function. The critical role of trust in the authentication framework is to describe the relationship between an authenticating entity and a certification authority; an authenticating entity must be certain that it can trust the certification authority to create only valid and reliable certificates. [After X.509] 2. reliance upon Security Measures to uphold the Security policy [CESG]. Note: The term is not synonymous with "trustworthy". The trustworthiness of trusted items may be established (e.g. by evaluation) at a later stage. 3. A relationship between two elements, a set of activities and a security policy in which element X trusts element Y if and only if X has confidence that Y will behave in a well defined way (with respect to the activities) that does not violate the given security policy [10181-1]. 4. Confidence, that may be based on assurances which are outside the scope of this Report, that an entity to which trust is applied, will perform in a way that will not prejudice the security of the user of the system of which that entity is a part. trust is always restricted to specific functions or ways of behavior (e.g., "trusted to connect A to B properly").Trust is meaningful only in the context of a security policy: an entity may be trusted in the context of one policy but untrusted in the context of another policy [ECMATR46].