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A declaration of trust is the document that establishes a legal trust. It also defines the major elements of the entity, such as the beneficiaries and trustees. Once a trust has been established ...
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust.
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In trust law, an express trust is a trust created "in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties." [ 1 ] Property is transferred by a person (called a trustor, settlor , or grantor) to a transferee (called the trustee ), who holds the property for the benefit ...
Although the word "trust" is used, resulting and constructive trusts are different from express trusts because they mainly create property-based remedies to protect people's rights, and do not merely flow (like a contract or an express trust) from the consent of the parties. Generally speaking, however, trustees owe a range of duties to their ...
Federal tax law specifically allows for this vehicle. Here the grantor places an asset in the trust – one he expects will grow rapidly during the term of the trust. The document then requires the trustee to pay to the settlor a specific sum of money (the annuity) at certain intervals during the life of the trust.