»Ê¹ÚÌåÓýapp

Clear indication by name

In some cases it will be made clear that the legal owner is not the beneficial owner.

»Ê¹ÚÌåÓýapp simplest example is where property is held by ‘A as trustee for Bâ€�. A is the legal owner (trustee), B is the beneficial owner. A trust in these terms is a bare trust. Or property may be held in the name of ‘A as nominee for Bâ€�. ‘Nomineeâ€� is a bare trustee. Again, A is the legal owner, and B is the beneficial owner.

Declaration of trust

»Ê¹ÚÌåÓýapp legal and beneficial ownership of property may be separated by a valid declaration of trust.

Examples

1. Property is said to be held in B’s name for A. If there is a valid declaration (TSEM9520) showing that B purchases the property in B’s name for and on behalf of A, and so long as there are no other conditions, A is the beneficial owner of the property. B would be the legal owner, and a nominee or bare trustee, holding the property on trust for A.

2. A decides to transfer beneficial ownership of property that A has purchased to B while still holding it in A’s own name. If there is a valid declaration (TSEM9520) showing that A has in fact assigned beneficial ownership of the property to B, then A is the legal owner and B is the beneficial owner.