Trust law

Please help to improve it, trust law discuss the issue on the talk page. United States trust law is the body of law regulating the legal instrument for holding wealth known as a trust. Most law regulating the creation and administration of trusts in the United States is now statutory at the state level.

The goal of the uniform law is to standardize the law of trusts to a greater extent, given their increased use as a substitute for the “last will and testament” as the primary estate planning mechanism for the affluent. Despite the uniform law, however, differences remain, as states still harbor rich differences in fiduciary law. Trusts are essentially creatures of contract. Trusts are a special breed of contract in that they often govern the disposition of property in the same way a “last will and testament” does via a probate proceeding. When titling property or otherwise referring to an existing trust, practitioners persist in referring to trusts as “Tr. Industry convention is for the settlor’s name to appear in the title. In the USA, the name follows a shorthand for the type of instrument.

John Smith FBO Alma Smith” or, if appropriate, “Tr. In understanding American trust law, it is helpful to understanding the terminology and definitions of various terms as they relate to trusts. The following section contains a discussion of some of these terms. There are numerous variations of trusts that exist in the United States.