Trust Law · Legal Maxim
An Express Trust is a type of trust created intentionally by a settlor, where the terms of the trust are explicitly stated, often in a written document. It involves a trustee holding property for the benefit of one or more beneficiaries, as determined by the settlor's explicit intentions.
Source: Trust Law · Legal Maxim
An Express Trust is a type of trust created intentionally by a settlor, where the terms of the trust are explicitly stated, often in a written document. It involves a trustee holding property for the benefit of one or more beneficiaries, as determined by the settlor's explicit intentions.
The concept of express trusts has its roots in English equity law, which developed to provide remedies that the common law could not. The Statute of Uses (1536) and subsequent equity cases laid the foundation for the formal recognition of trusts.
In modern law, express trusts are commonly used for estate planning, asset protection, and charitable giving. They are formalized through written declarations and are fundamental in ensuring that the settlor's wishes regarding property distribution are honored after their death.
Law students should understand express trusts as foundational concepts in trust law, essential for grasping how property can be managed and distributed according to specific intentions, and the legal implications of such arrangements.