personal residence trust

An irrevocable trust to which the settlor transfers ownership of his or her personal residence while retaining the right to live there for a specified term of years.

• The trust cannot hold any assets other than the residence and proceeds resulting from damage to or destruction of the residence. Cf. qualified personal-residence trust.

---

词条贡献者

译员蓉婧，欧洲知名商学院国际金融专业，专注翻译各种与美国证券法律有关的法律文件。