Definition of a Trust |
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In general, a trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another.
A trust is formed under state law. You may wish to consult the law of the state in which the organization is organized. Note that for a trust to qualify under section 501(c)(3) of the Code, its organizing document must contain certain language. Publication 557 contains suggested language.
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Page Last Reviewed or Updated: January 05, 2009