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Trust
An English legal expression referring to the situation where the legal owner of property holds it on behalf of another (or others)- the beneficiary.
There are a number of different types of trust.
Charities are an example where trusts are commonly used. The property of the charity belongs to the trustees who must use it for the benefit of those for whom the charity was established.
Where someone wishes to create a trust, that trust will be created provided there is certainty as to:
_ the intention to create a trust;
_ the property vested in the trust; and
_ the beneficiaries of the trust.
Atrust once created is irrevocable.
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