abstract of trust

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Abstract of trust is a brief version of the trust document that allows certain details of the trust (such as the names of the beneficiaries) that you want to keep confidential to be omitted. It is often used to provide proof of trust formation to financial organizations or other institutions without making certain key terms public. This condensed version of the trust is widely accepted in lieu of the entire trust document, as long as certain requirements are met. Also termed certificate of trust, certification of trust, or memorandum of trust.

[Last updated in December of 2021 by the Wex Definitions Team]