Personal Residence Trust Law and Legal Definition
Personal Residence Trust is an irrevocable trust to which the grantor transfers ownership of his or her personal residence while retaining the right to live there for a specified term of years. Such trusts cannot hold any assets other than the residence and proceeds resulting from damage to or destruction of the residence.
Legal Definition list
- Personal Representative’s Bond
- Personal Representative
- Personal Relationships Gay and Lesbian
- Personal Relationships Community Property
- Personal Relationships Common Law Marriage
- Personal Residence Trust
- Personal Responsibility and Work Opportunity Reconciliation Act
- Personal Rights
- Personal Security
- Personal Selling
- Personal Service Activity
