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trust

An arrangement in which a *settlor transfers property to one or more *trustees, who will hold it for the benefit of one or more persons (the beneficiaries or cestuis que trust, who may include the trustee(s) or the settlor) who are entitled to enforce the trust, if necessary by action in court. The trust, recognized originally in Chancery, is based on confidence and developed from the *use; it has been described as the most important contribution of English *equity to jurisprudence. The beneficiary has rights against the trustee and may also have rights over the property in the hands of others (see *tracing trust property). When a sole beneficiary is 18 or over, sane, and entitled to all the trust property, he may require the trustees to transfer that property to him; this applies equally when all the beneficiaries are 18 or over, sane, and likewise entitled. For a trust to exist, the three certainties must be present: certainty of intention (i.e. to create a trust), certainty of subject matter (the property in the trust), and certainty of objects (those who will or may benefit under the trust). There are few formal technical requirements necessary for the creation of a trust, except where land is concerned. See *active trust; *charitable trust; *discretionary trust; *executed trust; *express trust; *implied trust; *protective trust; *secret trust; *statutory trust.

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