TSEM1004 - Introduction to trusts: legal background - trust law: what is a trust?
»Ê¹ÚÌåÓýappre is no legal definition of ‘trustâ€�. A trust is not a legal person; it is a relationship. »Ê¹ÚÌåÓýapp persons in the trust relationship are:
- settlor
- trustees
- beneficiaries
»Ê¹ÚÌåÓýapp settlor provides the property for the trust. »Ê¹ÚÌåÓýapp trustees hold the trust property in their name, but it is held not for them but on trust for the beneficiaries. »Ê¹ÚÌåÓýapp beneficiaries benefit from the trust property - exactly how they do so depends on the terms of the trust.
TSEM6230+ contains more detailed guidance about the legal background to trusts.