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TRUSTS (WHAT IS A TRUST? (Legal ownership of property is separated from…
TRUSTS
WHAT IS A TRUST?
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BENEFICIARY has beneficial ownership meaning interest in equity (however, charitable trusts do not).
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Equitable principals as well as Statute have a role to play in the law of trusts such as the Trusts Act 1973 Qld. s12
ELEMENTS OF A TRUST
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A settlor is a person who creates the trust, referred to inter vivos trust or settlement if the trust is created during a person lifetime
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Can you have a sole trustee who is also a beneficiary?
Answer: NO. The basis of a trust is separation of legal title, the two things can not merge or else the trust will no longer be in existence.
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