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Trust Concepts in Probate - Coggle Diagram
Trust Concepts in Probate
Essential Trust Concepts
Trust
A legal relationship created by a settlor when assets are placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.
Trust document
Will or Testamentary Trust
Trust established as per the instructions included in the Will know as testament.
Charitable Trust
A form of express trust for which the purposes are exclusively charitable.
Capital v Income
'Capital'= trust property... 'income'...profit derived from the trust e.g. share dividends or rental income
Terms describing parties in a Trust
Settlor
Person who gives property under a Trust for benefit of beneficiaries
Trustee
Legally owns the Trust Property for benefit of beneficiary, for a specific purpose (other times). Trustees can be either natural persons or trust corporation.
Beneficiary
Person receiving gift or benefit
Mechanics of Trusts
Main categories of Trusts
Types of Trust Interests
Uncompleted Gift Transactions
Other key principles of Trust and Equity