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What are some of the organizations that regulate trust accounts in the US?
ChuckSiata
The two basic types of trusts are a testamentary trust and a personal trust. The former takes effect after the death of the grantor while the later is in effect during the lifetime of the grantor and may or may not continue after death. Trusts can be highly complex legal arrangement and are subject to regulatory oversight by both the states and federal government. The laws regarding trusts vary from state to state since no uniform laws regarding trusts have ever been adopted. Since trusts involve personal or real property and are frequently set up for the transfer of assets from the grantor to another party federal regulations come into play in determining whether or not a specific transaction shall be taxed. In a dispute involving trusts the judiciary also can become involving in resolving disputes between the different parties in a trust.
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