Posted on January 9, 2013 by Light Worker 29501
There seems to be some confusion over what a public trust and a trust fund really are. The One People’s Public Trust is not a trust fund. The trustees are not promising free money or handouts, contrary to what some people may have told you.
Blacks Law Dictionary, Sixth Edition, p. 1508:
“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 trusts corpus assets and income for the economic benefit of all of the beneficiaries. A confidence reposed in one person, who is termed trustee, for the benefit of another, who is called the cestui que trust, respecting property which is held by the trustee for the benefit of the cestui que trust. State ex rel. Wirt v. Superior Court for Spokane County, 10 Waxh.2d 362, 116 P.2d 752, 755. Any arrangement whereby property is transferred with intention that it be administered by trustee for anothers benefit. A fiduciary relationship in which one person is the holder of the title to property subject to an equitable obligation to keep or use the property for the benefit of another.”
Blacks Law Dictionary, Sixth Edition, p. 1512:
“Public trust. One constituted for the benefit of the public at large or some considerable portion of it answering a particular description; public trusts and charitable trusts may be considered in general as synonymous expressions.”
via CITES BY TOPIC.
The Merriam-Webster Concise Dictionary defines a trust fund as follows:
“Property e.g, money or securities held in a trust; that is, property held legally by one party the legal owner for the benefit of another party the equitable owner. The legal owner, or trustee, has the right of possession and the right of use of the property, but must exercise those rights to the benefit of the equitable owner, or beneficiary. In Anglo-American law, trust funds are set up principally for family settlements and for charitable giving. In the commercial sector, trust funds are often set up to provide for employee pensions and profit-sharing programs.”
via Merriam-Webster Dictionary.
In Simple Terms
A public trust is an organization that manages something for the benefit of the public at large, where a trust fund is actual money. Public trusts may or may not have trust funds.
Trusts can be created for almost anything you can imagine. Often, they are created for large projects that require a set of rules or guidelines be followed, or an objective is reached.
If a loved on gave you $10 million in their will (a private trust), at a rate of $4,000 a month, with a provision to pay for your first house whenever you got married, it is likely that a trust fund would be created for that purpose.
I hope that helps.
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