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trust

Last modified: Thu Feb 23 16:37:38 2006

In general, a trust is formed when the legal owner (or owners) (see: Trustee) is obliged to hold it for the benefit of some other person, or group of people (the `objects', or beneficiaries; see: Objecttrust, Beneficiary). A trust may be formed when, for example, the beneficiary cannot legally own the property. Trusts can be loosely classed into four types.

• An ExpressTrust, intentionally created by a person out of his right of ownership
• A ResultingTrust, arising by operation of law in connection with an express trust (e.g., where the express trust fails)
• A ConstructiveTrust, arising by operation of equity in a variety of other situations.
• A StatutoryTrust, which arises by virtue of the application of a particular statute

A trust will generally impose some duties on the Trustee, if only a duty to allocate the proceeds to the beneficiaries. A duty may be personal, that is, offered to and accepted by a specific individual, or a DutyVirtuteOfficii.

In general, the trustee of an epxress trust has a Fiduciary duty to the beneficiaries, and the beneficiaries can seek to enforce that duty in the courts.

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