The Basics

Question 1

What is a Trust?

Answer 1

An Equitable Duty relating to Property:

• The Trustee bears the Duty.
• The Beneficiary is to whom the Duty is owed.
• The Property under the Trust is called the Trust Property.
• The Trustee has the Legal Title in the Trust Property.
• The Beneficiary has the Equitable Title in the Trust Property.
• The essence of the Trustee’s Duty is to hold or apply the Trust Property for the Beneficiary’s benefit.