Examlex
The largest expenditure component of the federal budget is spending on
Testamentary Trust
A trust that is created according to the instructions in a person’s will to manage assets for beneficiaries after the person's death.
Charitable Trust
A trust created to benefit a particular charity or the public in general, typically for educational, religious, scientific, or other charitable purposes.
Cy Pres Trust
A legal principle allowing courts to modify charitable trusts or gifts to closely match the donor's intent if the original purpose becomes impracticable or impossible to achieve.
Spendthrift Trust
A legal arrangement that prevents the beneficiary's creditors from accessing the trust funds, providing long-term financial security for the beneficiary.
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