TRUSTS

A trust exists where the legal and equitable interests in property are separated and as a result can be established in a number of ways. The most common form of trust is where someone (known as the "Settlor") makes a transfer of property during his lifetime (an "inter-vivos" gift) to another (known as a "Trustee") upon whom there is a binding obligation(s) to deal with the property over which he then has control (the "Trust Fund"), for the benefit of persons (the "Beneficiaries") of whom he may also be one and which any of whom, may enforce the obligation(s) placed upon him.

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