Law of Trusts

[shikamaru]

Sorry, I was going through the thread for the first time, commenting as I went.

Didn't mean to detract from the way this thread has obviously evolved.

Ergo, my posts seem a little "detached" from what you guys are talking about now.

Now I'm all caught up.

I want to get his straight though.

LEGAL NAME = Trustee – someone who administers financial assets on behalf of another.
True Name = Beneficiary/cestui que trust
Government = Settlor

Do I have that right?

No need to apologize. Ask away!!
That's why I created this thread: to aide in inquiry as well as build a basis.

Trustee = Administrator
Settlor = Creator of the trust
Beneficiary = the person or entities that receive benefits from the trust and are the true owners of the trust in equity.

To use a historical example, the King of England would have his sheriff collect dues from his subjects. The trust in this instance is:

Trustee= King/Sheriff
Settlor = King
Beneficiary = Subjects (in actuality, the true beneficiaries are the King, clergy, and nobility, but that is another story for another day ....)

The King created the system (supposedly for the benefit of his subjects) for their protection.
There is also a principal-agent relationship occurring here between the King and his man (Sheriff).

Both the King and the Sheriff derive compensation for administering the trust (in addition to the King's Courts regulating the rights and duties of all parties involved).


As another example, we have drivers licenses. The parties are:

Settlor = "the People"
Trustee = government
Beneficiary = "the general Public"

The trustee derives compensation from the arrangement. Persons are the subjects of licensing and licensing acts and statutes for the benefit of the general Public.

If there is anything I am missing or should be added, feel free!