DefinitionA bare trust (also known as naked trust or simple trust) is a type of trust which makes provision for a beneficiary to fully access the capital and assets in a trust, and the income generated from the assets. So long as the beneficiary is 18 and above, he/she has the full right to access funds within a trust. The trust creator can be well certain that the trust assets will go directly to the beneficiaries.Note: The beneficiaries of a bare trust cannot be changed unless in a few exceptions (check bare trust rules)Understanding Bare TrustThe assets of the trusts…
Source: What is the definition of a Bare Trust?
What is the definition of a Bare Trust?