Bare trust

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A bare trust (sometimes referred to as a simple trust) is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into his own name. He is also entitled to take actual ownership and control of the trust property. Although there are trustees, they are only effectively nominees and must act according to the beneficiary's instructions.

simple trusts are required: 1. 100% of sale law accounting income must be distributed currently. 2. none of the corpus,(often referred to as corpus or principle) may be distributed. 3. no charitable contribution may be made by trust.

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Last updated on Thursday February 14, 2008 at 06:29:04 PST (GMT -0800)
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