Trusts – General Information

Trusts – General Information

§1731. Trust defined. A trust, as the term is used in this Code, is the relationship resulting from the transfer of title to property to a person to be administered by him as a fiduciary for the benefit of another.

§1781. Trustee defined. A trustee is a person to whom title to the trust property is transferred to be administered by him as a fiduciary.

§1801. Beneficiary defined. A beneficiary is a person for whose benefit the trust is created and may be a natural person, corporation, partnership, or other legal entity having the capacity to receive property. A trustee of a trust, in his capacity of trustee, can be the beneficiary of another trust. Neither the.heir, legatee, or assignee of a designated beneficiary, nor a beneficiary by reason of a substitution under Sub part B of Part III of this Chapter, is considered a beneficiary for the purpose of fixing the maximum allowable term of the trust.