Trustee: The agent is the person who grants the agent control of his property, estate or property and establishes the agreement. Separate Share Trust: With this position of trust, a parent can establish a position of trust with different functions for each beneficiary (i.e. secondary beneficiaries). As part of its definition, a trust consists of three parts: the agent, the agent and the beneficiary. But what are these three parts and how do they work? They are worded as follows: While the agent is entitled to definitive legal title to the fiduciary property, the agent, upon acceptance of the property, owes the beneficiaries a number of fiduciary duties. Priority obligations include the duty of loyalty, the duty of care and the duty of impartiality.  Agents may be kept in their cases at a very high level of diligence to impose their conduct. To ensure that recipients receive their royalties, directors are subject to a series of ancillary obligations in support of primary tasks, including openness and transparency tasks, as well as registration, accounting and advertising obligations. In addition, an agent has a duty to know, understand and respect the conditions of trust and law in this matter. The agent may be compensated and reimbursed, but must also deduct all profits from fiduciary real estate. Recipients are beneficial owners (or « reasonable » of the trust`s ownership.
Either immediately, or ultimately, the beneficiaries receive income from the trust, or they receive the property themselves. The scope of a beneficiary`s interest depends on the text of the fiduciary document. A beneficiary may be entitled to income (for example. B interest from a bank account), while another may be entitled to the entire trust if it has reached the age of 25. Settlor has a large discretion for the creation of the trust, subject to certain restrictions imposed by law. A funded trust has assets that the Trustor invested in the business during its lifetime. An unfunded trust consists only of the non-financing trust contract. Unfunded trusts may be funded or remain unfunded after the trust holder`s death. Since an unfunded trust exposes many of the risks that a trust is supposed to avoid, it is important to ensure adequate financing. Property of any kind may be held in a trust.