CREATION Of TRUSTS Flashcards
WHAT IS A TRSUT
it vests legal ownership of property, land or goods, in one person being the trustee and the equitable ownership with another being the beneficiaries
the trustees duty is
FIDUCIARY DUTY
is obliged to administer the property belonging to the trust for the benefit of the beneficiarie
settlor
perosn who created the trust
trustee
legal owner of th trsut property - has a LEGAL interest
beneficiary
perosns for whise trsutee hold property - has an EQUITABLE interest
you cannot what at the same time
sole beneficiary and sole trustee
do not confuse
equitbale and legal interest
2 ways a trust can arise
owners intention
opertaion of the law
what are trusts that arise from tne owners intention
express, resulting
what are the trsuts taht arise from a operation of the law
court imposed constructive
