What is a trust

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  • What is a trust?
    • Emerged from equitable concepts
    • Origins in the crusades
    • Settlor - Creates the trust
    • Trustee - Owns the asset and has legal property rights.
    • Beneficiary -= retains the benefits from the property and has equitable property rights.
    • Legal ownership of property is transferred
    • What is an asset?
      • An economic resource that can be turned into money
      • Tangible assets - movable or immovable - chose in possession
      • Intangible asset - chose in action
    • What are your enforceable property rights?
      • Use an asset
      • Benefit from an asset
      • Sell an asset
      • Destroy an asset
      • Exclude others from using an asset
      • If you have all of these you are an absolute owner
        • Otherwise not absolute owner

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