Trust Meaning and Definition
Trust
Pronunciation
/trʌst/
Part of Speech
Noun
Definition
A trust is a fiduciary relationship in which one party, the trustee, holds or manages property or assets for the benefit of another party, the beneficiary. The trustee is responsible for managing the assets in a way that benefits the beneficiary, who is typically a family member, friend, or charity.
Examples
1. “She left her estate in trust for her children to inherit when she passed away.”
2. “The charity was established as a trust to provide aid to those in need.”
Synonyms
1. Confidence
2. Faith
Antonyms
1. Distrust
2. Mistrust
Etymology
The word “trust” originates from the Old French word “trest,” meaning “trust” or “confidence,” which is derived from the Latin word “trucidare,” meaning “to kill” or “to destroy.” However, the modern concept of trust as a fiduciary relationship has its roots in ancient Roman law and the medieval concept of “fideicommissum.”
Additional Information
A trust can be created in various forms, including revocable and irrevocable trusts, testamentary trusts, and living trusts. The key characteristics of a trust include the separation of ownership and control of assets, the fiduciary duty of the trustee, and the benefit of the beneficiary. Trusts are commonly used in estate planning, tax planning, and wealth transfer, and they can provide various benefits, such as avoiding probate, reducing taxes, and maintaining family assets.
Trusts can be established for various purposes, including charitable giving, education, and healthcare. In addition, trusts can be used to manage assets for individuals with disabilities, minors, or special needs. The administration of a trust requires careful management of assets, tax compliance, and reporting to beneficiaries and courts, if necessary.
The concept of trust has been subject to various interpretations and controversies throughout history, including debates over the role of government, the nature of property, and the distribution of wealth. In modern times, trusts have evolved to accommodate changing social and economic conditions, and they continue to play an important role in shaping the relationship between individuals, organizations, and institutions.
Trusts have been the subject of various cultural and literary works, including novels, plays, and films, which often explore themes of trust, loyalty, and betrayal. Examples include the works of Charles Dickens, who wrote extensively about trusts and philanthropy, and the film “The Trust,” which explores the darker side of human nature.
Usage Notes
Trust is often used interchangeably with other words, such as “confidence” or “faith.” However, in a legal or fiduciary context, trust has a specific meaning that refers to a relationship between parties. When using the word “trust,” it is essential to consider the level of certainty or reliability implied by the context. In some cases, trust may be used to imply a sense of confidence or optimism, while in others, it may suggest a more critical or evaluative judgment.
In written or formal communication, trust is often used in a technical or legal sense, while in spoken language, it is more common to use trust in a more general or everyday sense.
Cultural References
Charles Dickens’ novel “Bleak House” explores the complexities of trusts and the abuses of fiduciary power. The novel highlights the tensions between individual interests and the public good, and it showcases the evolving notion of trust in the 19th century.
F. Scott Fitzgerald’s “The Last Tycoon” features a character who uses trusts and other financial instruments to accumulate wealth and influence. The novel examines the tensions between financial power and social responsibility.
Idiomatic Expressions or Phrases
1. “Trust no one” – a phrase suggesting that one should be cautious and not rely on others.
2. “Trust in God” – a phrase expressing faith and reliance on a higher power.
Collocations
1. Trust account – a type of bank account managed by a trustee for the benefit of beneficiaries.
2. Trust fund – a fund established for the benefit of beneficiaries, often created through a trust agreement.
Frequency of Use
According to various sources, including the Corpus of Contemporary American English (COCA) and the Oxford English Corpus (OEC), trust is one of the most frequently used words in modern language, with a wide range of applications in various fields.
Common Misspellings
1. Trust -> Tryst or Trysto
2. Trust -> Trustee -> Trustees