USA HISTORY

Detailed explanation-1: -It is a fiduciary relationship between two parties. One of the parties, the trustor, grants the other party, a trustee, the right of a specific asset or property for the welfare of a third party, i.e. the beneficiary. Trusts provide legal protection to the assets of the trustor.

Detailed explanation-2: -Types of Trusts Act 1882 Testamentary & Non-testamentary Trust – Testamentary trust is formed on the basis f a written obligation and non-testamentary trust is created without a written deed.

Detailed explanation-3: -#1 – Selection of Type of Trust As stated above, a trust may be living trust. read more, testamentary. Opting for such a trust requires the trustee and beneficiary to take the help of a judicial procedure to get their hands on the inheritance. read more, revocable, or irrevocable.

Detailed explanation-4: -The most important difference between public trust and private trust is that in public trust, the beneficiaries are uncertain, not known and very large in number, whereas in the case of a private trust, the beneficiaries are certain and known, such as relative, friends or family of the author of trust.