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Trustees, a trust may have 
multiple trustees and these 

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trustees are the legal owners of
the trust property, but have a 

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fiduciary duty to beneficiaries 
and various duties such as a 

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duty of care and a duty to 
inform. 

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If trustees do not adhere to 
these duties, they may be 

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removed through a legal action. 
The trustee may be either a 

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person or a legal entity such as
a company. 

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But typically, the trust itself 
is not a legal entity at any 

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litigation involving, the trust.
Must include the trustees a 

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party at Trustee has many rights
and responsibilities which vary 

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based on the jurisdiction, and 
Trust instrument. 

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If a trust lacks, a trustee a 
court May appoint, a trustee the

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trustees administer, the Affairs
attendant to the trust. 

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The trust's Affairs, may include
prudently. 

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Investing the assets of the 
trust accounting foreign 

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reporting periodically to the 
beneficiaries filing required 

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tax returns and other duties in 
some cases dependent upon the 

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trust instrument, the trustees 
must make discretionary 

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decisions as to whether Sherry 
should receive trust assets for 

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their benefit. 
A trustee may be held personally

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liable for problems. 
Although fiduciary liability 

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insurance similar to directors 
and officers, liability 

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insurance can be purchased. 
For example, a trustee could be 

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liable. 
If assets are not properly 

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invested, in addition a trustee 
may be liable to its 

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beneficiaries even where the 
trust has made a profit but 

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consent has not been given 
however in the United States 

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similar to directors and 
officers and Gulp ettore Clause 

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May minimize liability. 
Although this was previously 

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held to be against public 
policy. 

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This position has changed in the
United States, the uniform, 

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trust code provides for 
reasonable compensation. 

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And reimbursement, for trustees 
subject, to review by courts. 

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Although trustees may be unpaid 
commercial Banks acting as 

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trustees typically charge about 
one percent of assets under 

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management beneficiaries. 
The beneficiaries are beneficial

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or Equitable owners of the trust
property. 

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Either immediately or 
eventually, the beneficiaries 

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will receive income from the 
trust property or they will 

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receive the property itself. 
The extent of a beneficiary's 

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interests, depends on the 
wording of the trust document. 

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One beneficiary, may be entitled
to income, for example, interest

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from a bank account, whereas 
another may be entitled to the 

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entirety of the trust property 
when they attain the age of 25 

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years, the settler has much 
discretion when creating the 

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trust subject to some 
limitations imposed by law. 

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The use of trust as a means to 
inherit substantial wealth. 

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May be associated with some 
negative connotations, some 

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beneficiaries, who are able to 
live comfortably from trust 

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proceeds without having to work 
a job. 

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Maybe jokingly referred to, as 
trust fund babies, regardless of

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age or trustafarian 0 purposes. 
Common purposes for trusts 

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include employee ownership 
shares in a company may be held 

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by the trustee of an employee. 
Trust often indefinitely, as 

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part of the employee ownership 
of that company in Employee 

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share ownership shares in a 
company, may be helped by the 

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trustee of an employee. 
Trust as part of an employee 

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share or share option plan, 
privacy trust, may be created, 

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purely for privacy. 
The terms of a will our public 

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in certain jurisdictions while 
the terms of a trust are not 

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spendthrift causes. 
Trust may be used to protect 

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beneficiaries. 
For example, once children 

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against their own inability to 
handle money, these are 

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especially attractive for 
spendthrifts courts. 

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May Generally recognized 
spendthrift Clauses against 

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trust beneficiaries and their 
creditors, but not against 

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creditors of a settler wills and
estate planning trust frequently

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appearing Wills. 
Indeed, technically, the 

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administration of every 
deceased's estate is a form of 

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trust conventional Wills. 
Typically leave assets to the 

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deceased spouse, if any, and 
then to the children. 

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Equally if the children are 
under 18 or under some other age

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mentioned in the will 21 and 25 
are common, a trust me. 

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Has come into existence until 
the contingency age has reached.

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The executor of the will, is 
usually the trustee and the 

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children are the beneficiaries. 
The trustee will have powers to 

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assist the beneficiaries during 
their minority charities. 

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In some common law 
jurisdictions. 

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All Charities, must take the 
form of trusts in others, 

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corporations may be Charities. 
Also in most jurisdictions 

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Charities are tightly regulated 
for the public benefit in 

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England, for example, by the 
charity Commission. 

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Unit trusts the trust has proved
to be such a flexible concept 

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that it has proved capable of 
working as an investment 

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vehicle, the unit trust pension 
plans typically set up as a 

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trust with the employers settler
and the employees and their 

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dependents as beneficiaries 
remuneration trusts for the 

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benefit of directors and 
employees of companies or their 

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families or dependence. 
This form of trust was developed

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00:04:54,500 --> 00:04:57,800
by Paul baxendale Walker and has
since gained widespread use 

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corporate structures. 
Complex business Arrangements, 

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most often in the finance and 
insurance sectors. 

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Sometimes use trusts among 
various other entities, for 

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example, corporations in their 
structure asset protection. 

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Trusts may allow beneficiaries 
to protect assets from creditors

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as the trust. 
Maybe bankruptcy remote. 

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For example, a discretionary 
Trust of which the settler may 

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be the protector of beneficiary.
But not the trustee and not the 

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sole beneficiary. 
In such an arrangement. 

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The settler may be in a position
to benefit. 

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From the trust assets without 
owning them and therefore in 

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theory protected from creditors.
In addition, the trust may 

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attempt to preserve anonymity 
with a completely unconnected 

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name. 
For example, the teddy bear. 

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Trust these strategies are 
ethically and legally 

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controversial tax planning. 
The tax consequences of doing 

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anything. 
Using a trust are usually 

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different from the tax 
consequences of achieving the 

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same effect by another route if 
indeed it would be possible to 

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do. 
So in many cases that Tax 

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consequences of using the trust,
are better than the alternative 

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and trusts are there for 
frequently used for legal tax, 

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avoidance for an example. 
See the nil band. 

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Discretionary trusts explained 
at inheritance tax, United 

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Kingdom, co-ownership ownership 
of property by more than one 

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person is facilitated by a trust
in particular ownership of a 

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matrimonial home, is commonly 
affected by a trust with both 

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Partners as beneficiaries and 
one or both owning the legal 

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title as trustee construction 
law. 

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In Canada and Minnesota monies, 
owed by employers to contractors

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or by contractors to 
subcontractors on construction 

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projects must bylaw. 
Be held in trust, in the event 

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of contractor insolvency this, 
makes it much more. 

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Likely that subcontractors will 
be paid for work, completed 

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legal retainer, lawyers in 
certain countries often require 

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that a legal retainer be paid 
upfront held in trust until such

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time as the legal work is 
performed and built to the 

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client this serves. 
As a minimum guarantee of 

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remuneration should the client 
become insolvent. 

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Isn't however, strict lethal, 
ethical codes, apply to the use 

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of legal retainer trusts types. 
Trust go by many different 

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names, depending on the 
characteristics of the purpose 

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of the trust because trusts 
often have multiple 

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characteristics or purposes, a 
single Trust might accurately be

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described in several ways. 
For example, a living trust is 

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often an Express trust which is 
also a revocable trust and might

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include an incentive trust and 
so forth alphabetic list of 

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Trustees. 
Asset protection. 

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Trust the concept of an asset 
protection. 

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Trust encompasses, any form of 
trust that provides for funds to

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be held on a discretionary 
basis. 

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Such trusts are set up in an 
attempt to avoid or mitigate the

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effects of Taxation divorce and 
bankruptcy on the beneficiary. 

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Such trust may be prescribed or 
Limited in their effect, by 

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governments in the courts 
constructive trust. 

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00:07:52,700 --> 00:07:55,600
Unlike an Express, trust a 
constructive, trust is not 

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00:07:55,600 --> 00:07:59,300
created by an agreement between 
a settler and the trustee a 

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Active trust is imposed by the 
laws and Equitable remedy. 

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This generally occurs due to 
some wrongdoing were. 

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The wrongdoer has acquired legal
title to some property and 

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cannot in good conscience. 
Be allowed to benefit from it. 

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A constructive trust is 
essentially a legal fiction. 

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For example, a court of equity, 
recognizing a plaintiffs request

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for the Equitable remedy of a 
constructive. 

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Trust may decide that a 
constructive trust has been 

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created and simply order. 
The person holding the assets to

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deliver them to the person who 
rightfully should. 

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Them the constructive trustee is
not necessarily the person who 

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00:08:33,400 --> 00:08:36,299
is guilty of the wrongdoing. 
And in practice, it is often a 

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bank or similar organization. 
The distinction may be finer 

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than the preceding Exposition in
that. 

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There are also said to be two 
forms of constructive trust, the

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00:08:45,300 --> 00:08:48,500
institutional constructive trust
and the remedial constructive 

164
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trust. 
The latter is an equitable 

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remedy imposed by lobbying. 
Truly remedial the former 

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arising due to some defect in 
the transfer of property. 

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Discretionary trust in a 
discretionary. 

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He trusts certainty of object is
satisfied. 

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00:09:02,200 --> 00:09:04,900
If it can be said that there is 
a Criterion which a person must 

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00:09:04,900 --> 00:09:08,500
satisfy to be a beneficiary. 
For example, whether there is a 

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class of beneficiaries, which a 
person can be said to belong to 

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00:09:12,600 --> 00:09:15,600
in that way persons, who satisfy
that Criterion? 

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Who are members of that class 
can enforce, the trust re 

174
00:09:19,300 --> 00:09:24,200
buttons, D trusts macphail, V 
tolton directed trust in these 

175
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types. 
A directed trustee is directed 

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00:09:26,300 --> 00:09:29,200
by a number of other trust 
participants and implementing 

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00:09:29,200 --> 00:09:30,600
the trust. 
Execution. 

178
00:09:30,700 --> 00:09:34,000
These participants may include a
distribution committee, trust 

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00:09:34,000 --> 00:09:38,000
protector or investment advisor.
The directed trustees role is 

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Administrative, which involves 
following investment 

181
00:09:40,400 --> 00:09:43,800
instructions, holding legal 
title to the trust assets. 

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Providing fiduciary and tax 
accounting coordinating. 

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00:09:47,200 --> 00:09:50,300
Trust participants and offering 
dispute resolution among the 

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00:09:50,300 --> 00:09:54,600
participants Dynasty trust also 
known as a generation. 

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00:09:54,600 --> 00:09:57,900
Skipping, trust, a type of trust
in which assets are passed down 

186
00:09:57,900 --> 00:10:01,600
to the grantors grandchildren. 
Not the grantors, children, the 

187
00:10:01,600 --> 00:10:04,700
children of the grantor, never 
take title to the assets. 

188
00:10:05,200 --> 00:10:08,200
This allows the grantor to avoid
the estate taxes that would 

189
00:10:08,200 --> 00:10:10,700
apply if the assets were 
transferred to their children. 

190
00:10:10,700 --> 00:10:13,700
First generation. 
Skipping, trust can still be 

191
00:10:13,700 --> 00:10:16,700
used to provide Financial 
benefits to a grantors children.

192
00:10:16,900 --> 00:10:20,300
However, because any income 
generated by the trust's assets 

193
00:10:20,300 --> 00:10:23,100
can be made accessible to the 
grantors children while still 

194
00:10:23,100 --> 00:10:26,600
leading the assets in trust for 
the grandchildren employee 

195
00:10:26,600 --> 00:10:29,300
trust, a trust for the benefit 
of employees. 

196
00:10:29,800 --> 00:10:33,200
Our United States example is a 
trust established to operate an 

197
00:10:33,200 --> 00:10:37,700
employee stock ownership plan 
Express, trust an Express trust.

198
00:10:37,700 --> 00:10:40,100
Arises were a settler 
deliberately, and consciously 

199
00:10:40,100 --> 00:10:42,900
decides to create a trust over 
their assets. 

200
00:10:43,000 --> 00:10:47,000
Either now or upon their later, 
death in these cases, this will 

201
00:10:47,000 --> 00:10:50,200
be achieved by signing a trust 
instrument, which will either be

202
00:10:50,200 --> 00:10:53,500
a will or trust deed. 
Almost all trust dealt with. 

203
00:10:53,500 --> 00:10:55,500
In the trust industry are this 
type. 

204
00:10:56,000 --> 00:10:58,100
They contrast with resulting in 
constructive. 

205
00:10:58,100 --> 00:11:01,800
Trusts the Engine of the parties
to create the trust must be 

206
00:11:01,800 --> 00:11:05,100
shown clearly by their language 
or conduct for an Express. 

207
00:11:05,100 --> 00:11:08,200
Trust to exist, there must be 
certainty to the objects of the 

208
00:11:08,200 --> 00:11:12,000
trust in the trust property in 
the u.s. a statute of frauds. 

209
00:11:12,000 --> 00:11:15,000
Provisions require Express trust
to be evidenced in writing. 

210
00:11:15,000 --> 00:11:18,600
If the trust property is above a
certain value or is real estate 

211
00:11:19,000 --> 00:11:22,500
fix trust the entitlement of the
beneficiaries is fixed by the 

212
00:11:22,500 --> 00:11:27,300
settler, the trustee has little 
or no discretion common examples

213
00:11:27,300 --> 00:11:33,200
are A trust for a minor to 
execute anes, 21 a life interest

214
00:11:33,200 --> 00:11:38,000
to pay the income tax for her 
lifetime and a remainder to pay 

215
00:11:38,000 --> 00:11:41,700
the capital to why after the 
death of X Grant or retained, a 

216
00:11:41,700 --> 00:11:45,300
nudie, trust bra and a revocable
trusts were by a grant or 

217
00:11:45,300 --> 00:11:49,300
transfers assets as a gift into 
a trust and receives an annual 

218
00:11:49,300 --> 00:11:52,200
payment from the trust for a 
period of time, specified in the

219
00:11:52,200 --> 00:11:56,100
trust instrument, at the end of 
the term, the financial property

220
00:11:56,100 --> 00:12:00,600
is transferred tax free. 
Named beneficiaries this trust 

221
00:12:00,600 --> 00:12:04,200
is commonly used in the US to 
facilitate large Financial gifts

222
00:12:04,200 --> 00:12:08,100
that are not subject to a gift 
tax hybrid, trust combines 

223
00:12:08,100 --> 00:12:11,900
elements of both fixed and 
discretionary trusts in a hybrid

224
00:12:11,900 --> 00:12:14,800
trust the trustee must pay a 
certain amount of the trust 

225
00:12:14,800 --> 00:12:17,700
property to each beneficiary 
fixed by the settler. 

226
00:12:18,200 --> 00:12:21,100
But the trustee has discretion 
as to how, any remaining trust 

227
00:12:21,100 --> 00:12:23,200
property. 
Once these fixed amounts have 

228
00:12:23,200 --> 00:12:27,600
been paid out is to be paid to 
the beneficiaries implied, trust

229
00:12:27,700 --> 00:12:30,800
as Distinct from an Express 
trust is created where some of 

230
00:12:30,800 --> 00:12:33,300
the legal requirements. 
For an Express trust are not 

231
00:12:33,300 --> 00:12:36,600
met, but an intention on behalf 
of the parties to create a trust

232
00:12:36,600 --> 00:12:40,200
can be presumed to exist. 
A resulting trust, may be deemed

233
00:12:40,200 --> 00:12:42,800
to be present where a trust 
instrument is not properly 

234
00:12:42,800 --> 00:12:44,700
drafted. 
In a portion of the Equitable 

235
00:12:44,700 --> 00:12:48,000
Title has not been provided for 
in such a case. 

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00:12:48,200 --> 00:12:50,700
The law May raise a resulting 
trust for the benefit of The 

237
00:12:50,708 --> 00:12:53,100
Grand Tour, the creator of the 
Trust. 

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00:12:53,500 --> 00:12:57,000
In other words, the grantor may 
be deemed to be a beneficiary of

239
00:12:57,000 --> 00:12:59,700
the portion of the equity. 
Will title that was not properly

240
00:12:59,700 --> 00:13:02,700
provided for in the trust 
document Improvement. 

241
00:13:02,700 --> 00:13:06,100
Trust can be set up by Urban or 
local government to hold funds 

242
00:13:06,100 --> 00:13:08,400
for the development or 
Improvement of an area. 

243
00:13:08,900 --> 00:13:12,200
The trust is often run by a 
committee and can act similarly 

244
00:13:12,200 --> 00:13:15,000
to a development agency 
depending on the provisions of 

245
00:13:15,000 --> 00:13:19,100
its Charter incentive trust a 
trust that uses distributions 

246
00:13:19,100 --> 00:13:22,000
from income of Principle as an 
incentive to encourage or 

247
00:13:22,000 --> 00:13:25,500
discourage certain behaviors on 
the part of the beneficiary, the

248
00:13:25,500 --> 00:13:28,700
term incentive trust is 
sometimes used to I wish trust 

249
00:13:28,700 --> 00:13:31,500
that provide fixed conditions 
for access to trust funds. 

250
00:13:31,500 --> 00:13:34,000
From discretionary. 
Trust that leaves such decisions

251
00:13:34,000 --> 00:13:38,500
up to the trustee, inter vivos 
trust or living trust a settler 

252
00:13:38,500 --> 00:13:40,000
who was living. 
At the time, the trust is 

253
00:13:40,000 --> 00:13:44,500
established creates an inter 
vivos trust a revocable trust in

254
00:13:44,500 --> 00:13:47,800
contrast to a revocable. 
Trust an irrevocable, trust is 

255
00:13:47,800 --> 00:13:50,400
one in which the terms of the 
trust cannot be amended or 

256
00:13:50,400 --> 00:13:53,100
revised until the terms are 
purposes of the trust of been 

257
00:13:53,100 --> 00:13:56,200
completed. 
Although, in rare cases, a court

258
00:13:56,200 --> 00:13:57,900
may change the terms of the 
trust do too. 

259
00:13:58,000 --> 00:14:00,500
Unexpected changes in 
circumstances that make the 

260
00:14:00,500 --> 00:14:04,100
trust uneconomical or unwieldy 
to administer under normal 

261
00:14:04,100 --> 00:14:07,200
circumstances in a revocable 
trust may not be changed by the 

262
00:14:07,200 --> 00:14:09,300
trustee or the beneficiaries of 
the trust.