A trust is a legal relationship created (in lifetime, or on death) by a “settlor”, who gives assets to one or more “trustees”, who undertake to use the assets for “beneficiaries” for a specified purpose.
Like in contract law no formality is required to make a trust, except where statute demands it (e.g. transfers of land, shares, for wills).
The key characteristic of a trust is that it permits the separation of legal ownership and beneficial interest: the trustees become the owners of the trust property; he has the power and the duty, in respect of which he is
accountable, to manage, employ or dispose of the assets in accordance with the terms of the trust and the special duties imposed on him by law.
The beneficiaries are entitled to expect that the trustees will manage the trust property for their benefit.
There are many types of trusts and many purposes for their creations. A trust may be created for the financial benefit of a spouse, minor children or charitable purpose.
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