North Dakota Certificate of Trust with Real Property as Part of the Corpus

State:
Multi-State
Control #:
US-01183BG
Format:
Word; 
Rich Text
Instant download

Description

A certificate of trust is a shortened version of a trust that verifies the trust's existence, explains the powers given to the trustee, and identifies the successor trustee(s). A certificate of a trust agreement which conveys or contains an interest in real property must generally be recorded in the office of the county clerk where deeds are recorded and the property is located.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

The principal of an estate or trust is the amount originally received, plus capital gains and less debts, expenses, and capital losses. The principal is sometimes called the "corpus" (or body) of the estate or trust. The income is the interest, dividends, and other income earned by the principal.

The trust agreement is the parent document that details anything and everything regarding the trust, including its agreements. Meanwhile, the certificate of trust is used in tandem to keep nonessential information confidential.

The term ?corpus? is Latin for "body.? A trust corpus is the "body" of the trust. This is the property that is transferred into the trust; also known as the trust res. A trust corpus is one of the fundamental elements that has to be defined for the formation of a valid trust.

The trust property is also referred to as the corpus, principal, estate or trust res. Trustee - The trustee is the individual or entity responsible for holding and managing the trust property for the benefit of the beneficiary. Trustees can be a corporate fiduciary or any competent individual who is not a minor.

Beneficiaries are the individuals or entities that may have entitlement to capital or income of the trust. Corpus Beneficiary includes grandparents, parents, siblings, children, stepchildren, grandchildren, nieces and nephews, cousins etc.

Corpus. Latin for body. in trust banking, the property in a trust-real estate, securities and other personal property, cash in bank accounts, and any other items included by the donor. body of an investment or note, representing the principal or capital as distinct from the interest or income.

Beneficiaries are the individuals or entities that may have entitlement to capital or income of the trust. Corpus Beneficiary includes grandparents, parents, siblings, children, stepchildren, grandchildren, nieces and nephews, cousins etc.

Definition of Corpus A Corpus fund is regarded as the trust or institution's total capital. It should be maintained to ensure its continuation and existence. Assets like land, buildings, etc., can be purchased with corpus funds. Similarly, it may be invested or deposited per section 11(5) of the Income Tax Act, 1961.

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North Dakota Certificate of Trust with Real Property as Part of the Corpus