Create a 4 page essay paper that discusses Law of express trust.
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It may be either a person or a legal entity. iv) Beneficiary, i.e. the person for whose benefit the trust was created. v) Purpose of the trust, i.e. the trust must have a purpose, which is legally valid.
Express Trusts are further broadly classified into i) Living Trust: It is also known as inter vivos trust is made for the advantage of another during the lifetime of settlor. ii) Testamentary trusts: These are created by the will of the settlor. That means, the settlor’s property will be converted into trust property only after his death. iii) Revocable Trusts: It is a trust where the setlor has full control over the trust property, and he can change or annul the trust at any time. This is a trust, which is at the whims and fancy of the settlor. iv) Irrevocable Trusts: As the name implies, this is a trust, which cannot be revocable except the consent of the beneficiaries, and trustees. Moreover, the trust does not fizzle out once the purpose of the trust is fulfilled. v) Fixed Trusts: These are those trusts where the trust property will be shared by the beneficiaries as per the calendar fixed by the settlor. In distributing the property, the trustee has no discretion to play. Gartside v IRC [1968] AC 553 the Inland Revenue argued that as each beneficiary might be entitled to income from the trust fund, they should each be charged as if they were entitled to the whole of the fund. vi) Discretionary Trusts: They are those trusts where the trustee has absolute power in management, administration and distribution and allocating the shares of the trust property to beneficiaries. This trust offers many tax benefits to the beneficiaries, as no interest is created to them until the property is distributed.

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