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40 Pages • Complete Study Notes • Year: Pre-2021 • Previously uploaded under: 200757 - Equity & Trusts
What is a trust? A trust is an arrangement involving property whereby one person, the trustee, has an obligation to hold the property for the benefit and on behalf of another, the beneficiary. • The obligations owed by the trustee in regard to the trust property and the beneficiaries are fiduciary in nature • The relationship between the trustee and the beneficiary is one of utmost trust and confidence Indicia of a trust i. Trustee – one or more persons or a corporation holds the legal or equitable interest in the property. The holder of the interest must have an obligation to deal with or administer the property on behalf of and for the benefit of another person ii. Property – there must be some form of property which is capable of being held on trust – the property must be clearly identified and identifiable iii. Beneficiary – there must be one or more persons for whose benefit the trustee is obligated to hold the property iv. Obligation/Duty – the trustee must be under an obligation to hold and administer the subject matter of the trust for the benefit of the beneficiary
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