Definition of "Gift in trust"

Vicki  Crunk Cain real estate agent
Vicki Crunk Cain, Real Estate Agent Buddy Tankersley Realty & Auction

Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance policy with all ownership rights to a trustee. The trustee owns the policy, collects the proceeds, and administers the proceeds for the benefit of the donee son.

 

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