EXPRESS TRUST Meaning and
Definition
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An "express trust" is a legal arrangement in which a person, known as the settlor or grantor, explicitly states their intention to create a trust and designates specific assets to be held and managed for the benefit of certain individuals or organizations, known as beneficiaries. This type of trust is created through a written document, such as a trust deed or declaration, where the settlor clearly outlines their wishes regarding the distribution, management, and purpose of the trust assets.
The express trust is characterized by its explicit terms, as it is formed through the direct expression of the settlor's wishes. These terms encompass details about the identity of the parties involved, the beneficiaries' rights and entitlements, the trustee's duties and responsibilities, and the conditions or instructions under which the trust will operate. It is often used to transfer wealth and assets across generations or for philanthropic purposes.
Unlike a resulting or constructive trust, an express trust must be intentionally created and cannot arise by operation of law or be imposed by a court. The settlor's expressed intentions are paramount, and as long as the trust complies with legal requirements, such as having a valid purpose and identifiable beneficiaries, it is legally binding and enforceable.
Express trusts can take various forms, including discretionary trusts, fixed trusts, charitable trusts, or special purpose trusts. Regardless of the specific type, a key characteristic of an express trust is that it is established through transparent and unambiguous terms, providing a reliable framework for the management and administration of the trust assets.
Common Misspellings for EXPRESS TRUST
- wxpress trust
- sxpress trust
- dxpress trust
- rxpress trust
- 4xpress trust
- 3xpress trust
- ezpress trust
- ecpress trust
- edpress trust
- espress trust
- exoress trust
- exlress trust
- ex-ress trust
- ex0ress trust
- expeess trust
- expdess trust
- expfess trust
- exptess trust
- exp5ess trust
Etymology of EXPRESS TRUST
The etymology of the word "express trust" can be understood by breaking down the meanings of its components.
1. Express: This term derives from the Latin word "expressus", which means "to press out" or "to make clear". It entered the English language during the 14th century and was initially used to refer to pressing or squeezing something out in a physical sense. Over time, it evolved to convey the idea of conveying thoughts or feelings clearly, hence the modern meaning of "explicit" or "directly stated".
2. Trust: The word "trust" has a long etymological history. It traces back to the Old Norse word "traust", which meant "confidence" or "reliance". This Old Norse term was borrowed into Old English as "trēow", which referred to confidence or loyalty.
Similar spelling words for EXPRESS TRUST
- expressionism,
- expressionistic,
- express emotion,
- expressionless,
- expressively,
- express feelings,
- Express train,
- expressive,
- express bus,
- expressible,
- expressionist,
- expressage,
- expressiveness,
- expression,
- express joy,
- expressive style,
- express-mail,
- express mirth,
- express mail,
- expressway.
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