Abstract of Trust
Definition - What does Abstract of Trust mean?
Abstract of trust is a document that serves to represent an actual trust. Abstracts of trust prove that an actual trust exists. These documents are abbreviated versions of trusts that do not reveal the names of the beneficiaries, nor the exact details of the items in the trust. They merely give enough information to prove that the trust does in fact exist.
Justipedia explains Abstract of Trust
Trusts are legally binding documents that often represent millions of dollars of assets, or other large sums of money. Occasionally, for legal reasons, proof of the trust must be shown in order to make sure that the trust is real and is under the proper management.
Abstracts of trust allow the trust to be verified for legal reasons without having to give away private information and details of the trust. Trusts are commonly put into place for family members to benefit from later in the future.