What is a resulting Trust?

Posted on Dec 9, 2016 in Fiduciary Litigation Attorney NC

What is a resulting Trust?

Our main law firm webpage discusses in greater detail the following type of equitable claim in litigation:

“For example, Victor gives to Alvin $150,000.00 with the intention that Alvin use the money to buy Victor a house. Alvin takes the money from Victor and uses it to buy the house Victor wants. However, instead of turning over the house to Victor, Alvin puts the deed to the property is his own name keeps the house he bought with Victor’s funds. Alvin prevents Victor from being able to enjoy what should be Victor’s property. Alvin now holds the property in a resulting trust for Victor, and must turn the property over to him.
Resulting trusts often arise in cases of abuse by trustees and powers-of-attorney, although those relationships are not required to prove a resulting trust.”

What is a Resulting Trust?

If you have a fiduciary litigation matter, contact the estate litigation attorneys at Hendrick Bryant law firm at 336-723-7200.