What is a trust? A trust is a type of relationship, the key element of which is that title to property is transferred to a person (the “trustee”) who has legal obligations to hold the property for the benefit of others (the “beneficiaries”).
To establish a valid trust, the person who transfers the property must intend for it to be held for the benefit of other persons. The trust comes into existence when the property is transferred to the trustee. The three “certainties” or requirements in order to establish a trust are 1) the intention to create a trust 2) property held on trust and 3) identifiable beneficiaries.
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