The English Gave Us More than Plum Pudding

During the early 1500's in England landowners found it advantageous to convey the legal title of their land to third parties while retaining the benefits of ownership. Because they were not the real "owners" of the land, and wealth was primarily measured by the amount of land owned, they were immune from creditors and may have absolved themselves of some feudal obligations. While feudal concerns no longer exist and wealth is held in many forms other than land (i.e., stocks, bonds, bank accounts), the idea of placing property in third party hands for the benefit of another has survived and prospered. This is the idea of a trust which has survived and prospered.

The illustration is from The New York Public Library Digital Gallery.

The text is clipped from the Trusts and Estates overview at Wex, the legal enclycopia and dictionary sponsored by The Legal Information Institute at Cornell. At this time of year, Wex would not object if you chose to make a donation to support their collaborative effort.