H: Types of Trust

Description

CII - Level 4 Diploma R01 - Financial services, regulation, and ethics (C3: Legal concepts and considerations relevant) Mind Map on H: Types of Trust, created by Mark Varela on 27/03/2014.
Mark Varela
Mind Map by Mark Varela, updated more than 1 year ago
Mark Varela
Created by Mark Varela over 10 years ago
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Resource summary

H: Types of Trust
  1. Express Trust

    Annotations:

    • - Intentionally and expressly created. - Usually by written declaration or deed.
    1. Implied Trust

      Annotations:

      • - Created by implications of actions or circumstances of the parties
      1. Resulting Trust

        Annotations:

        • - Created as a result of the failure of a trust - Property ownership reverts to the donor
        1. Bare/Absolute Trust

          Annotations:

          • - Trustee's sole duty is to transfer property to the appropriate beneficiary 
          1. Settlements/Successive Trusts

            Annotations:

            • - Trust with successive interests - Initial beneficiaries are life tenant with entitlement to income - Final interest is called the ultimate trust
            1. Power of Appointment Trust

              Annotations:

              • - Trustees have power to appoint or vary beneficiaries - Power can be exercised only amongst prescribed class of beneficiaries - 'Gift over' or 'default' beneficiary has the interest in possession - Most life offices use as standard trust for most circumstances
              1. Interest in Possession Trust

                Annotations:

                • - Beneficiary simply has a right to income from/enjoyment of the trust property
                1. Discretionary Trust

                  Annotations:

                  • - Power of Appointment trust with no Interest in Possession
                  1. Will Trust
                    1. Statutory Trust
                      1. Intestacy Trust
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