BARE TRUST
A basic trust wherein the beneficiary holds the absolute right to the assets and capital within the trust, and also the income acquired from these assets. Bare trust is most used by grandparents and parents to pass assets to their grandchildren or children. Trust assets are named after the trustee, who hold the responsibility of managing the trust assets in a prudent way so as to gain the maximum benefit for its beneficiaries. The trustee do not have a control over the assets and has no discretion or say in directing the capital or income of the trust.
Also referred as simple trust.
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