In legal terms, "corpus" refers to the principal amount of money or property in a trust or estate, as opposed to the income generated from it.
The term is derived from the Latin word for "body," signifying the main body or substance of the trust or estate. The corpus can include cash, real estate, investments, and other assets placed into the trust or estate by the grantor or testator.
The distinction between the corpus and the income of a trust or estate is crucial for management, taxation, and distribution purposes.
Trustees are responsible for preserving the corpus while managing the assets to produce income for the beneficiaries. In the context of a will, the corpus refers to the property that comprises the deceased's estate to be distributed according to the will's terms.
Trust and Estate Law: Addresses the management and distribution of the corpus to ensure it aligns with the grantor's or testator's intentions and benefits the designated beneficiaries.
Tax Law: The treatment of the corpus can have implications for estate and inheritance taxes, as well as for the taxation of trust income.
A common misconception is that the corpus of a trust or estate only consists of large assets, such as real estate or significant sums of money. In reality, the corpus can include any type of property, regardless of value.
Another misunderstanding is that the income generated from the corpus cannot become part of the corpus. However, unless specified otherwise, income not distributed to beneficiaries may be added to the corpus, affecting its size and the benefits it can provide.
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