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2 a public trust which is intended for the advancement of some public benefit, (research, education, support of a particular class of persons).; these trusts may be permanent because they are not brought to an end by an inevitable occurrence (although a court may terminate them where circumstances require it, usually where the charitable purpose no longer exists).Know the difference between types of persons creating express trusts I a settlor creates a trust (by a deed, a type of formal contract) to come into existence during his/her lifetime;2 a testator creates a trust (by a will) to come into existence upon his/her death. Know the difference between types of non-express trusts which courts recognize: implied trusts – where (as with a contract) the law enforces the presumed intention of the parties (eg, parents set up a bank account for an infant child);2 resulting trusts – which arise because the object of an express trust has “failed” (ie, cannot be carried out because of an unforeseen event, eg, death of a beneficiary);3 constructive trusts – which a court declares to exist (“constructs”) as part of its ratio to redistribute funds (usually where there has been dishonesty).Know the meaning of• fiduciary, ie, obligation to put the interests of another person ahead of your own.• vesting, ie, when legal ownership of private trust property is transferred to a beneficiary or a remainderman and the trust ends.• cy-pres (French for “so near/close”) where the intention of a charitable trust no longer exists a court may amend the trust in order to provide for an outcome as near as possible to the original intention of the testator or settlor.
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