Trust

An arrangement whereby ownership of property (including receivables) is held strictly by one person for the benefit of another person. In order to create a valid trust there must be three certainties:

  • Certainty of objects - the words used to create the trust must be clear
  • Certainty of subject matter - the trust property must be clearly defined or capable of ascertainment
  • Certainty of objects - the beneficiaries of the trust must be clearly defined or capable of ascertainment.

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