TRUST AND KINDS OF TRUST | TRUST ACT 1882 |
LAW | JUDICIARY
TRUST AND KINDS OF TRUST
WHAT IS TRUST ?
In law, a trust is a relationship in which the holder of property gives it to another person or entity who must keep and use it solely for the benefit of another person or group of persons.

CLASSIFICATION OF TRUST :
1_ According to nature
2_ According to objects
3_ According to mode of their creation
4_ In reference to consideration

KINDS OF TRUST :
1_ Express Trust
2_ Implied Trust
3_ Constructive Trust
4_ Private Trust
5_ Public Trust
6_ Simple Trust
7_ Special Trust
8_ Ministerial Trust
9_ Discretionary Trust
10_ Perfect Trust
11_ Imperfect Trust
12_ Valid Trust
13_ Precatory
14_ Resulting Trust
15_ Voluntary Trust
16_ Trust for Value
17_ Secret Trust

1_ EXPRESS TRUST
An express trust is one which is created not by facts and circumstances but by express words of the author of trust .
2_ IMPLIED TRUST
Implied trusts are created by act of construction of law. It arises from the presumed intention of the owner of property.
3_ Constructive Trust
~Imposed by court
~Gaining of unfair profit
Constructive trusts are imposed by operation of law. They are also referred to as implied trusts. They are not subject to formality requirements. Unlike a resulting trust, which also arises by operation of law, a constructive trust does not give effect to the imputed/presumed intention of the parties.
4_ Private Trust
A private trust is where a trustee holds and manages assets on behalf of specific, and known beneficiaries. The trustee is responsible for managing the assets in the trust and making sure that they are used for the benefit of the assigned beneficiary or beneficiaries.
5_ PUBLIC TRUST
Public trust is the principle that certain natural and cultural resources are preserved for public benefit. In essence, it means the public owns the collections, and they should be kept available so the public can study them, enjoy them, and learn from them.
6_ SIMPLE TRUST
In simple trust , trustee has no duties to perform. This is also called as bare trust. It is a trust which makes no distributions other than current income. The trust terms require all its income to be distributed currently and do not provide for charitable contributions.
7_ SPECIAL TRUST
It imposes duties on trustee for the execution of purpose which is pointed out by author of the trust or the settler.
RESULTING TRUST
Resulting trust arises when the expectation of the settler is for some unforseen reason chested for fruition. It also arises when expectations of the settler is an inference of law based in an after knowledge of the event.
VOLUNTARY TRUST
A voluntary trust is also defined as an obligation arising out of a personal confidence reposed in, and voluntarily accepted by, one individual for the benefit of another. This is in contrast to an involuntary trust, which is created by law.
TRUST FOR VALUE
Where consideration has been paid by beneficiary to the settler in order to bring a trust in existence , the resultant trust is one for Value.
SECRET TRUST

~Fully Secret Trust
~Half Secret Trust

PRECATORY TRUST
The word Precatory is obtained from Latin word precarious mraning entreaty and archaic.
It means that which depends on the will or pleasure of the other.
_ MINISTERIAL TRUST
The trust where duties are ordinary and of a mechanical character involving routine intelligence.
VALID TRUST
DISCRETIONARY TRUST
PERFECT TRUST
IMPERFECT TRUST.

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