TRUST AND KINDS OF TRUST | TRUST ACT 1882 | LAW | JUDICIARY | скачать в хорошем качестве

TRUST AND KINDS OF TRUST | TRUST ACT 1882 | LAW | JUDICIARY |

TRUST AND KINDS OF TRUST | TRUST ACT 1882 | LAW | JUDICIARY TRUST AND KINDS OF TRUST WHAT IS TRUST ? In law, a trust is a relationship in which the holder of property gives it to another person or entity who must keep and use it solely for the benefit of another person or group of persons. CLASSIFICATION OF TRUST : 1_ According to nature 2_ According to objects 3_ According to mode of their creation 4_ In reference to consideration KINDS OF TRUST : 1_ Express Trust 2_ Implied Trust 3_ Constructive Trust 4_ Private Trust 5_ Public Trust 6_ Simple Trust 7_ Special Trust 8_ Ministerial Trust 9_ Discretionary Trust 10_ Perfect Trust 11_ Imperfect Trust 12_ Valid Trust 13_ Precatory 14_ Resulting Trust 15_ Voluntary Trust 16_ Trust for Value 17_ Secret Trust 1_ EXPRESS TRUST An express trust is one which is created not by facts and circumstances but by express words of the author of trust . 2_ IMPLIED TRUST Implied trusts are created by act of construction of law. It arises from the presumed intention of the owner of property. 3_ Constructive Trust ~Imposed by court ~Gaining of unfair profit Constructive trusts are imposed by operation of law. They are also referred to as implied trusts. They are not subject to formality requirements. Unlike a resulting trust, which also arises by operation of law, a constructive trust does not give effect to the imputed/presumed intention of the parties. 4_ Private Trust A private trust is where a trustee holds and manages assets on behalf of specific, and known beneficiaries. The trustee is responsible for managing the assets in the trust and making sure that they are used for the benefit of the assigned beneficiary or beneficiaries. 5_ PUBLIC TRUST Public trust is the principle that certain natural and cultural resources are preserved for public benefit. In essence, it means the public owns the collections, and they should be kept available so the public can study them, enjoy them, and learn from them. 6_ SIMPLE TRUST In simple trust , trustee has no duties to perform. This is also called as bare trust. It is a trust which makes no distributions other than current income. The trust terms require all its income to be distributed currently and do not provide for charitable contributions. 7_ SPECIAL TRUST It imposes duties on trustee for the execution of purpose which is pointed out by author of the trust or the settler. RESULTING TRUST Resulting trust arises when the expectation of the settler is for some unforseen reason chested for fruition. It also arises when expectations of the settler is an inference of law based in an after knowledge of the event. VOLUNTARY TRUST A voluntary trust is also defined as an obligation arising out of a personal confidence reposed in, and voluntarily accepted by, one individual for the benefit of another. This is in contrast to an involuntary trust, which is created by law. TRUST FOR VALUE Where consideration has been paid by beneficiary to the settler in order to bring a trust in existence , the resultant trust is one for Value. SECRET TRUST ~Fully Secret Trust ~Half Secret Trust PRECATORY TRUST The word Precatory is obtained from Latin word precarious mraning entreaty and archaic. It means that which depends on the will or pleasure of the other. _ MINISTERIAL TRUST The trust where duties are ordinary and of a mechanical character involving routine intelligence. VALID TRUST DISCRETIONARY TRUST PERFECT TRUST IMPERFECT TRUST.