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resulting trust |
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resulting trust A trust that is implied by law as necessary to carry out the true intentions of the parties involved. It typically arises when one transfers legal title to another for various reasons, but both parties intended the grantor to retain all benefits from the property. If an elderly person transferred her home to a child as an estate planning tool,but continued to live in the residence,the law would not allow the child to sell the home and keep the proceeds. It would, instead, impose a resulting trust.Contrast with a constructive trust. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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