Definition
An arrangement created by a parent, to be effective immediately or, more typically, upon the parent's death, whereby assets of the parent are transferred to a trustee to be held for the benefit of the parent's children.
Context: Used in General Law
Examples
- In practice, “children's trust” means an arrangement created by a parent, to be effective immediately or, more typically, upon the parent's death, whereby assets of the parent are transferred to a trustee to be held for the benefit of the parent's children