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In the broader sense of the term, relating to trust law, a trust is a legal arrangement based on principles developed and recognised over centuries in English law, specifically in equity, by which one party conveys legal possession and title of certain property to a second party, called a trustee. The trustee holds the property, while any ...
While the trustee is given legal title to the trust property, in accepting title the trustee owes a number of fiduciary duties to the beneficiaries. The primary duties owed are those of loyalty, prudence and impartiality. [6] Trustees may be held to a high standard of care in their dealings to enforce their behavior.
Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
When the courts said that one person's legal title to property was subject to an obligation to use that property for another person, there was a trust. The Star Chamber (est. circa 1398) played the role of a criminal court of "equity", where judges on the king's authority could impose punishments that deviated from the law. [12]
The trust was an addition to the law of property, in the situation where one person held legal title to property but the courts decided it was fair just or "equitable" that this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...
If you are “of sound mind and body,” then you can make a will — and it’s a good idea to do that, so you don’t leave your friends and family scrambling and trying to guess at your wishes ...
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. [1] Legal owners (i.e. the owners on the record), commonly described as the "registered owners", may hold those interests as ...
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