What is a trust
- Created by: Molly Byrne
- Created on: 18-02-16 10:34
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- What is a trust?
- Emerged from equitable concepts
- Origins in the crusades
- Settlor - Creates the trust
- Trustee - Owns the asset and has legal property rights.
- Beneficiary -= retains the benefits from the property and has equitable property rights.
- Legal ownership of property is transferred
- What is an asset?
- An economic resource that can be turned into money
- Tangible assets - movable or immovable - chose in possession
- Intangible asset - chose in action
- What are your enforceable property rights?
- Use an asset
- Benefit from an asset
- Sell an asset
- Destroy an asset
- Exclude others from using an asset
- If you have all of these you are an absolute owner
- Otherwise not absolute owner
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