A Trust is a legal relationship created by a person also known as a settlor when assets are placed under the control of a Trustee for the benefit of a Beneficiary, or for a specified purpose. A trust can be created in one’s lifetime or on death.
Trusts can either be an Express Trust, that is a trust created intentionally by the settlor or Trust imposed by law. There are other types of Trust that are imposed by Law namely:
- Resulting Trusts
- Constructive Trusts
As above, Law recognises that Equitable interest is distinct from that of Legal interest. Therefore in the case of ownership of land (property), the interest may be divided into Legal and Equitable interest.
When a property is held on trust, the legal interest of the trust property is held by the Trustee while the Beneficiary has the Equitable interest in the trust property. The Trustee is to manage the Trust Property for the benefit of the Beneficiary.
Our firm provides the following services;
- Advising on Trusts
- Drafting of Trusts:
- Private Trusts
- Real and Personal Property
- Charitable Trusts
- Private Trusts
* Kindly note that the above information does not constitute legal advice, it is information for your reference which you rely at your own risk. Kindly seek legal advice from a qualified lawyer before commencing any legal action.