Bare trust

A trust in which the beneficiary has the definite right to both the capital and the income of the trust property. Also known as a simple trust.

Beneficial ownership

The entitlement to benefit from property, without necessarily being the legal owner of it. This is the situation in a trust.

Beneficiary

(a) A person for whose benefit property is held on trust.

(b) A person who will receive a legacy or a share in the estate of someone, by being either mentioned in a will or entitled under the rules of intestacy.

Bequeath/bequest

See give/gift.

Bereaved minor’s trust

A will trust that is created for a child under 18, at least one of whose parents has died.