No, an express trust does not have to be created under a code. An express trust is a type of trust that is created by a written agreement between the grantor (the person creating the trust) and the trustee (the person who manages the trust). The trust agreement sets out the terms of the trust,...
Explicit reservation refers to a clear and unambiguous statement or declaration that sets aside or reserves a specific right or interest. This term is commonly used in legal contexts, particularly in the creation of trusts, contracts, and other legal agreements.
In the context of trusts, explicit...
The purpose of an express trust can be as simple or as complex as the person creating the trust desires.
For example, an express trust can be created to serve multiple purposes, such as:
- To provide for the care and maintenance of a family member with special needs
- To hold and manage property for...
An implied trust is a trust that is created by operation of law, rather than by an express declaration of the trust terms. It arises from the circumstances of a transaction and is inferred from the conduct of the parties involved.
An example of an implied trust is a resulting trust. This type of...
