Trusts

A trust is a relationship in which the trustees are the owners of trust assets which they are required
to use according to the terms of the trust for the benefit of the beneficiaries.

The trustees main duties are to obey the terms of the trust and account to the beneficiaries
regarding the trust assets and their performance of the trust.

They also have a fiduciary duty, the essence of which is the proper exercise of discretion when
managing the assets or affairs of others.

Trusts are often classified according to the manner in which they arise.

Express trusts are created by a settler who intends to create a trust and follows the steps necessary
to give effect to that intention.

There are also 2 categories of trust that arise by operation of law, resulting trusts and constructive
trusts.