reciprocal trusts

reciprocal trusts
Trusts existing where A creates a trust for B and B creates a similar trust for A, A and B usually being husband and wife or members of the same family. Anno: 139 ALR 526; 38 ALR2d 522; 98 L Ed 21.

Ballentine's law dictionary. . 1998.

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  • reciprocal — Given or owed mutually as between two persons; interchanged. Reciprocal obligations are those due from one person to another and vice versa. See also reciprocity reciprocal contract @ reciprocal dealing arrangement As included within prohibitions …   Black's law dictionary

  • simultaneous trusts — Reciprocal trusts …   Ballentine's law dictionary

  • cross trusts — Reciprocal trusts between husband and wife or close members of the same family. 28 Am J Rev ed Inher T § 118 …   Ballentine's law dictionary

  • trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… …   Black's law dictionary

  • conversantes — Persons who are conversant with or informed upon or versed in. converse trusts. See reciprocal trusts …   Ballentine's law dictionary

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  • will — 1 n 1: the desire, inclination, or choice of a person or group 2: the faculty of wishing, choosing, desiring, or intending 3: a legal declaration of a person s wishes regarding the disposal of his or her property after death; esp: a formally… …   Law dictionary

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