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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." [ 1 ] Property is transferred by a person (called a trustor, settlor , or grantor) to a transferee (called the trustee ), who holds the property for the benefit ...
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust. There are exceptions for statutory bodies ...
Express trusts are those expressly declared by the settlor. Typically, this will be intended to create a trust, but there can be situations in which the settlor's intended actions create a trust accidentally, [1] as in Paul v Constance. [2] The creation of express trusts must involve four elements for the trust to be valid.
Although the word "trust" is used, resulting and constructive trusts are different from express trusts because they mainly create property-based remedies to protect people's rights, and do not merely flow (like a contract or an express trust) from the consent of the parties. Generally speaking, however, trustees owe a range of duties to their ...
Type of Trust Definition and Purpose Tax Benefits Revocable A trust that can be modified or dissolved without the permission of the beneficiary. During the life of the trust, income from the corpus is distributed to the grantor. Transfer of assets to beneficiaries only occurs at the time of the grantor's death.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
FBO is an abbreviation for the common term “for the benefit of” and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language ...
English trust law; Types of trust; Charitable trust; Constructive trust; Discretionary trust; Express trust; Purpose trust; Quistclose trust; Resulting trust; Secret trust