Research Paper on:
Overview of Simple Trusts

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where their lifelong earnings and tangible commodities end up exactly where they bequeath them. Many people mistakenly believe that a Last Will & Testament is sufficient enough to protect  their possessions from ending up in the hands of government agencies; however, this particular approach is one of the least safeguarding, in that it requires an often long and drawn  out probate period where ones possessions are distributed according to how the court sees fit. In order to avert such an undesirable occurrence after ones death, a simple trust  must be created for guaranteed peace of mind. II. WHAT IS A TRUST? Defining the word "trust" as it relates to bequeathing ones possessions lacks any official or legal  determination; however, even though there is no actually lawful definition, there are a few acceptable meanings depending upon the particular perspective. In general terms, a trust is both binding  and obligatory to the person (trustee) who is taking on the responsibility of protecting another individual or individuals possessions. These interests are protected by the courts equitable jurisdiction everywhere  but in Scotland. A step further up the legal ladder defines a trust a "disposition of property to a person (trustee) or persons jointly (trustees) in whom the legal  title then vests in the confidence that the benefits will be applied to the advantage of one or more other persons (beneficiaries) or some other object permitted by law" (Keeton,  1968, p. PG). Finally, a more elaborate definition finds that a trust makes not differentiation between real or personal property or legal/equitable title, where the actual benefit is to  the beneficiaries (Keeton, 1968). One of the most common questions regarding simple trusts is whether or not the individual loses control over his or her assets. When one names