Tubetotext

    What is a Trust?

    Definition of a Trust

    A trust is essentially a relationship in law whereby the holder or the owner of some property will be able to transfer the legal title the transfer ER that ownership to another individual but not in the sense that they are transferring it because they want to give it to them as a gift but for that individual to hold said property for the purpose of benefiting a third party another individual

    02:49

    Individuals Involved in a Trust

    The person who is the original owner of the legal title um who is going to send that title to another individual is known as the settler of the test data they are the settler if they are um creating the trust before they die uh if this is a trust which is created after their death if it is created postmortem for example then they are known as the testator of that particular property

    04:10

    Trust Relationships

    We have a settler or test dator who transfers legal title to the trustee who then holds that property for the benefit of the beneficiary this is the relationship of a trust system itself these are the individuals who exist within a trust

    05:28

    Equitable and Legal Ownership

    The settler and the test data or the test data has the original legal title they transfer that legal title to the trustee but the trustee has to hold that property on trust for the beneficiary and therefore the beneficiary has Equitable rights to that property

    05:42