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EQUITY AND TRUSTS
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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UNIVERSITY OF DERBY DERBYSHIRE BUSINESS SCHOOL EQUITY AND TRUSTS Coursework 1: What is a trust and how does it work? A legal definition of a trust is "an equitable legal obligation binding a person (the trustee), to deal with an asset over which he or she has control, for the benefit of certain people (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation." In plain English, a trust is a way of holding assets (e.g. property, shares or cash) for the benefit of others but without giving them full control over them. There are three parties to a trust: * the settlor, * the trustees and * the beneficiaries. The settlor gives the asset to the trustees to hold in accordance with the terms of the trust deed for the beneficiaries. The trustees have legal title to the trust asset, but the beneficiaries are only...
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