What are the two categories of trust?
- Express trust
- Implied trust
What are the two types of express trust?
- Private trust
- Charitable trust
What is a fixed trust?
A trust where the interests of the beneficiaries are defined by the settlor
What is a purpose trust?
A trust set up for a purpose rather than people, and will normally fail because it does not have defined beneficiaries, subject to limited honorary trusts, e.g. to maintain an animal
What is a charitable trust?
A trust created for the benefit of an indefinite class of people, or the public in general, and it must fall under one of the recognised charitable categories to be valid
What are the two categories of implied trust?
- Resulting trust
- Constructive trust
In what three situations will a resulting trust arise?
- Interest under an express trust fails
- Express trust fails to exhaust the beneficial interest
- Person makes a voluntary transfer or purchase in the name of another
What is the purpose of a constructive trust?
Imposed by the court to prevent unjust enrichment as a result of wrongful conduct
What are the three types of private trust?
- Fixed trust
- Discretionary trust
- Purpose trust
