What is the Purpose of a Trust?īy definition, a trust is a legal relationship with respect to property. Thus, the primary parties are the (i) grantor or settlor, (ii) trustee, and (iii) the beneficiary. The beneficiary is said to hold “beneficial” title to the trust property. The Restatement (Second) of Trusts defines a trust as “a fiduciary relationship with respect to property.” A trust is essentially a three-party arrangement: A founder of the trust, generally known as a “settlor,” transfers legal title of trust property (known as the trust “res”) to a trustee to hold and administer the property for the benefit of the trust’s beneficiaries. Our attorneys at Freeman Law are versed with both domestic and foreign trusts. And there are a wide variety of trust structures.
Trusts are commonly used for estate planning, charitable purposes, and managing assets for beneficiaries, as well as for asset-protection purposes. Modern conceptions of trust law find their roots in twelfth century English law, as well as feudal land conveyances circumventing Henry VIII’s “Statute of Uses” in the sixteenth century. Although Roman law did not recognize a trust in precisely the same sense that we do today, the Roman concept of a Fiducia and fideicommissum served a similar function, as did the salman or treuhand of Germanic law. The law of trusts can be traced back to Roman and Greek law, though it was further developed in medieval England during the time of the Crusades. The beneficiary is, in turn, said to maintain beneficial ownership over the property. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. Trusts play an important role in estate and tax planning. He has been previously recognized as the Young CPA of the Year in the State of Texas (an award given to only one CPA in the state of Texas under 40). Freeman also served multiple terms as the President of the North Texas chapter of the American Academy of Attorney-CPAs. He is a former chairman of the Dallas Society of CPAs (TXCPA-Dallas). Freeman currently serves as the chairman of the Texas Society of CPAs (TXCPA). He has previously been recognized by Super Lawyers as a Top 100 Up-And-Coming Attorney in Texas. Freeman has been recognized multiple times by D Magazine, a D Magazine Partner service, as one of the Best Lawyers in Dallas, and as a Super Lawyer by Super Lawyers, a Thomson Reuters service. Freeman was named the “Leading Tax Controversy Litigation Attorney of the Year” for the State of Texas for 20 by AI. He is a former recipient of the American Bar Association’s “On the Rise – Top 40 Young Lawyers” in America award. News and World Report’s Best Lawyers in America list. Freeman has been named by Chambers & Partners as among the leading tax and litigation attorneys in the United States and to U.S.
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He is a dual-credentialed attorney-CPA, author, law professor, and trial attorney. Freeman is the founding member of Freeman Law, PLLC.
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