How does a blind trust work?

In a blind trust, an individual places assets that could otherwise create conflicts of interest into an asset vehicle ("trust"). Control over the trust and its assets are given to an independent trustee, who may buy and sell assets without the knowledge or consent of the beneficiary ("blind").

Is a blind trust legal?

Is the Legal Services Trust a blind trust? Dr Glister says the answer is yes, but it's a very unusual one. "Normally with a blind trust we know exactly who created it and we know exactly who the ultimate beneficiaries are," he said.

Alameda California Blind Trust Agreement

Name: Alameda California Blind Trust Agreement
Brand: US Legal Forms
Rating: 4.65 (230 reviews)

Category:

Trusts - Blind

State:

Multi-State

County:

Alameda

Control #:

US-0287BG

Format:

Instant download

Description

This form is a blind trust agreement.

How to fill out Alameda California Blind Trust Agreement?

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FAQ

Definition of blind trust : an arrangement in which the financial holdings of a person in an influential position are placed in the control of a fiduciary in order to avoid a possible conflict of interest.

You can do this if you're the trustee, but you may not have the right to see the trust's formation documents if you're a beneficiary. The trust is revocable under state law if the trust deed states this. It might be revocable if it's silent on the question of revocability, depending on the state.

A blind trust is a trust established by the owner (or trustor) giving another party (the trustee) full control of the trust. The trustee has control over the assets and investments while managing the assets and any income generated in the trust.

A qualified blind trust may hold most types of assets, such as cash, stocks, bonds, or mutual funds. It is important to note that any asset initially placed in the trust is not considered blind and continues to pose a potential conflict of interest until it has been divested or reduced to a value of less than $1,000.

An OGE-qualified blind trust may not reveal its assets either to the grantor or to the public. Any violation of this rule constitutes a criminal offense. The trust pays out income from the trust without revealing the source, and the owner must then declare that income and pay the appropriate taxes on it.

In a blind trust, an individual places assets that could otherwise create conflicts of interest into an asset vehicle ("trust"). Control over the trust and its assets are given to an independent trustee, who may buy and sell assets without the knowledge or consent of the beneficiary ("blind").

The key difference between a blind trust and other types of living trusts is that neither the trustor nor his or her beneficiaries have the authority to manage any aspect of the trust or the assets held in it after the blind trust has been finalized.

Establishing a blind trust can be expensive; politicians and executives have other ways to remove potential conflicts of interest without a blind trust. They can sell out of the specific investments, real estate, or private holdings in favor of index funds and bonds.

Blind trusts create a layer of separation between the grantor's assets and professional or political activities that helps to eliminate real or perceived conflicts of interest and accusations of wrongdoing. Individuals who receive a windfall can also use them to maintain financial privacy.

Is the Legal Services Trust a blind trust? Dr Glister says the answer is yes, but it's a very unusual one. "Normally with a blind trust we know exactly who created it and we know exactly who the ultimate beneficiaries are," he said.

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Alameda California Blind Trust Agreement

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