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In common law legal systems, a trust is a relationship whereby property (including real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor (or feoffor to uses), who entrusts some or all of their property to people of their choice (the trustees or feoffee to uses). The trustees hold legal title to the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary, cestui que use, or cestui que trust), usually specified by the settlor, who hold equitable title. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.
The trust is governed by the terms of the trust document, which is usually written and occasionally set out in deed form. It is also governed by local law. The trustee is obliged to administer the trust in accordance with both the terms of the trust document and the governing law.
In the United States, the settlor is also called the trustor, grantor, donor or creator.
Topic starter
Posted : 27/04/2010 2:43 am
Re: Trust law
Trust law covers the creation and administration of trusts run by one person or group (the trustees) for the benefit of another person or group (the beneficiaries). This is an area of law where we actively seek to improve the law, procedure and practice. These pages do not attempt to explain current law or to give legal advice on trust law. If you want to know more or if you need advice on an issue of trust law you can find a trust lawyer using Find a Solicitor.
Posted : 14/07/2010 5:39 am
Re: Trust law
Hello Friends,
A relationship created at the direction of an individual, in which one or more persons hold the individual's property subject to certain duties to use and protect it for the benefit of others.
Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. There are many types of trusts and many purposes for their creation. A trust may be created for the financial benefit of the person creating the trust, a surviving spouse or minor children, or a charitable purpose. Though a variety of trusts are permitted by law, trust arrangements that are attempts to evade creditors or lawful responsibilities will be declared void by the courts.
Thanks
Posted : 22/11/2011 11:07 am
Re: Trust law
This is how the Trust would function in an ideal world..... A charitable trust should have four trustees. (Four is a magic number for land law purpose
Posted : 25/11/2011 12:09 pm
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