"In trust law, an express trust is a trust created 'in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties.'"
The different ways in which a trust can be created, including through a written declaration, transfer of property, or by operation of law.
The concept of trusts: This topic covers the basic definition of a trust and its essential elements, including the trustee, the beneficiary, and the trust property.
Express trusts: An express trust is one that is created intentionally and explicitly by the settlor. This topic covers the methods of creating an express trust, including by declaration of trust and by transferring legal ownership of property.
Trust formalities: Various formalities must be met to create an express trust, such as the requirement for certainty of intention, subject matter, and objects. This topic outlines these formalities and the consequences of failing to meet them.
Trustee duties and powers: A trustee has both legal duties and powers, which include managing the trust property, accounting to beneficiaries, and distributing trust income and capital. This topic covers these duties and powers and the legal implications of breaches of duty.
Beneficiary entitlements: Beneficiaries of a trust are entitled to receive income or capital from the trust, depending on the terms of the trust deed. This topic covers the different types of beneficiaries, their entitlements, and the circumstances in which they may enforce those entitlements.
Trustee liability: Trustees may be held liable for losses to the trust if they breach their fiduciary duties or act outside their powers. This topic covers the circumstances in which a trustee may be liable and the remedies available to beneficiaries.
Trusts in land: Trusts can be used to hold legal or beneficial ownership of land, for example, by creating a trust of land or a trust for sale. This topic covers the specific requirements for creating trusts in land and the legal consequences of doing so.
Trusts for specific purposes: A trust can be established for a specific purpose or object, such as for charitable purposes. This topic covers the requirements for creating such trusts and the legal implications of doing so.
Variation and termination of trusts: Express trusts can be varied or terminated with the agreement of all the beneficiaries and the trustee, or by court order. This topic covers the processes for varying or terminating trusts and the legal implications of doing so.
Trust taxation: Trusts are subject to specific tax rules and regulations, which include income tax, capital gains tax, and inheritance tax. This topic covers the different tax implications of creating and managing a trust.
Declaration of Trust: Where the settlor declares himself or herself to be holding the property on trust for the beneficiary.
Transfer of Property to Trustees: Where the settlor has transferred the property to trustees and has declared that the trustees shall hold the property on trust for the beneficiary.
Trusts Arising from Contract: Where the terms of a contract between the settlor and the beneficiary create obligations that are intended to be fulfilled through a trust structure.
Trusts Arising from Wills: Where a testator creates a trust in his or her will for the benefit of beneficiaries.
Trusts Arising from Statutes: Where a statute creates a trust for the benefit of a group of people or a specific purpose.
"Property is transferred by a person (called a trustor, settlor, or grantor) to a transferee (called the trustee)..."
"The trustee holds the property for the benefit of one or more persons, called beneficiaries."
"An express trust is usually in writing..."
"The trustee may distribute the property, or the income from that property, to the beneficiaries."
"Express trusts are frequently used in common law jurisdictions as methods of wealth preservation or enhancement."
"A person (called a trustor, settlor, or grantor)..."
"...distinguished from one inferred by the law from the conduct or dealings of the parties."
"Yes, express trusts are frequently used in common law jurisdictions..."
"...for the benefit of one or more persons, called beneficiaries."
"...holds the property..."
"The trustee holds the property..."
"Express trusts are frequently used in common law jurisdictions as methods of wealth preservation or enhancement."
"...as distinguished from one inferred by the law from the conduct or dealings of the parties."
"An express trust is usually in writing..."
"The trustee may distribute the property, or the income from that property, to the beneficiaries."
"A person (called a trustor, settlor, or grantor)..."
"...for the benefit of one or more persons, called beneficiaries."
"Express trusts are frequently used in common law jurisdictions..."
"The trustee may distribute the property, or the income from that property, to the beneficiaries."