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Trust law is the area of law that governs the creation and administration of trusts. A trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary. Trusts can be created for a variety of purposes, including to manage property during someone's lifetime and to provide for someone after their death.
The trustee has a fiduciary duty to manage the trust property for the benefit of the beneficiary. This means that the trustee must act in good faith and in accordance with the terms of the trust agreement. The beneficiary is typically entitled to receive information about the trust and to request changes if they are not happy with how it is being managed.
If you are thinking about creating a trust, it is important to seek legal advice to ensure that it is properly set up and administered.
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