Week 6 | Trusts and Trustees; A Duty to Care under the doctrine of Equity.
At its simplest, a trust is an arrangement whereby property or assets are transferred from one person (the ‘settlor’) to another person (the ‘trustee’) to hold the property for the benefit of a specified list or class of persons (the ‘beneficiaries’). A trust can be created solely by verbal agreement but it is usual for a written document (the ‘trust deed’) to be prepared. This evidences the creation of the trust sets out the terms and conditions upon which the trustees hold the trust assets and outlines the rights of the beneficiaries.