A trust typically consists of three parties, each with a unique, separate, and distinct role from the others.
A trust unlike any other type of entity is incredibly unique and is governed by the rules of Equity and not commercial common law.
There are three parties typically:
1. Settlor – the one whom creates the trust,
2. A Trustee who administers the trust
3. And a beneficiary, the party that benefits from the trust arrangement.
The settlor must have a valid intention for creating / expressing the trust and remember that you can be in a trust without being informed there is a trust in existence!
The settlor deposits property into a trust with specific instructions, or there is a discretionary or construed trust where the trustee has discretion over the settlors wishes.
The trust is required to have a minimum of two parties, otherwise there is not valid trust.
Note: The trust cannot be a beneficiary.
A beneficiary cannot be a trustee, but a settlor can be either party!!
A settlor can resettle unless the trust is irrevocable!
Be careful whom you learn trust technology from, as many out there mix and confuse their limited learnings and often do it on the sole basis of obtaining your trust and promises!!
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