Also known as: trust properties · trust assets · trust corpus
Written by attorneys · grounded in primary & secondary sources — see below
Assets held by a trustee subject to the terms of a trust for the benefit of designated beneficiaries. The property remains subject to fiduciary duties of management, distribution, and protection even after a change in trusteeship.
Tiffany Torres created a trust leaving an outright remainder to her disabled grandson Theo Thomas. After her death, circumstances arose that the original terms did not anticipate. The court authorized conversion of the remainder into a special needs trust so the assets would preserve eligibility for public benefits while still advancing the settlor's purpose of supporting Theo.
Tyler Taylor and Tamara Tan served as co-beneficiaries of a trust holding family business interests. When the trustee faced a sale offer, the trustee balanced the income needs of Tyler against Tamara's preference for long-term growth. The resulting distribution plan gave due regard to each beneficiary's distinct interests in the trust property.
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Tanner Thompson and Theresa Tucker each transferred separate parcels into a single trust for their children. Because each contributed distinct property, the trust instrument treated Tanner as settlor of his parcel and Theresa as settlor of hers, preserving separate attribution of the trust property for revocation purposes.
TechVista Solutions resigned as trustee of a trust holding valuable patents. Until a successor was appointed and the patents delivered, the company continued to pay maintenance fees and monitor infringement actions to safeguard the trust property from loss.
Triumph Manufacturing was removed as trustee of a trust holding manufacturing equipment. The company promptly arranged for physical transfer of the equipment and all related records to the successor trustee so the trust property could resume normal operations without interruption.
The former trustee retains duties and powers necessary to protect the trust property until delivery occurs. The trustee must then deliver the property expeditiously to a cotrustee, successor, or other entitled person.
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Yes. Under the Uniform Trust Code's equitable deviation provision, a court may modify administrative or dispositive provisions when circumstances not anticipated by the settlor make modification necessary to further the trust purposes.
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The trustee must act impartially in investing, managing, and distributing the trust property, giving due regard to each beneficiary's respective interests.
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