The following Private Client guidance note Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee provides comprehensive and up to date legal information covering:
A trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for defined purposes on behalf of the beneficiaries. Constitution of the trust is completed by delivery of the trust property or trust deed to the trustee.
‘Trust deed’ is defined by the Trusts (Scotland) Act 1921 (T(S)A 1921) as meaning:
any deed or other writing, private or local Act of Parliament, royal charter, or resolution of any corporation or ecclesiastical body, constituting any trust, and
any decree, deed, or other writing appointing a judicial factor
A trust is usually expressly constituted inter vivos by a declaration of trust or mortis causa by a trust disposition and settlement or Will. A Will or a written lifetime trust must be subscribed by the granter at the end of the last page in order to be formally valid.
A trust could be created orally, but that may create evidential difficulties. Writing is required for a transfer of land or where a person declares themselves to be the trustee of their own property.
No particular form of words is required to create a trust. It is not necessary that the word ‘trust’ should be used, but there must be sufficient evidence of intention on the part of the truster to create
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234