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Written by Felix Da Silva (fdasilva@bitnip.com)
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Wednesday, 30 May 2007 |
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Page 1 of 5
Trust relationship arises where one person, the trustee, is compelled in equity to hold property for the benefit of another, the beneficiary, or for a purpose permitted by law.
- Settler -> The original owner
- Trustee -> Legal ownership, he manages and controls the trust property
- Beneficiary -> Equitable ownership, he benefits, enjoys the trust property. Can be individual/charity
Under the common law, once trust property is vested in T, he is deemed to be the legal owner. Equity does not dispute T's legal ownership but recognizes B as the equitable owner of the trust property. B has some property interest in the property.
T is responsible for administrating the trust property while B enjoys the benefit of it.
The following are notes compiled in 2007 for revision purposes on UK Trusts It might not be complete or accurate and should only be used for educational or reference purposes only.
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