Types of Trusts

An important point about trusts is that it is necessary that the trust property be sufficiently identifiable - Re London wine Co shippers ltd 1986, there is no uncertainty as to the identity of the beneficiaries - Morice v Bishop of Durham 1805  and the intention of the person must be clear that he or she must intend to create a trust.
Very important pointer from CT Emery- The most hollowed principles certainties of beneficiaries of trusts and powers of appointment  

"A trust is to be upheld if there is sufficient practical certainty for it to be carried out if necessary, with the assistance of the court according to the expressed intention of the settlor."

 Types of Expressed trusts 

 Expressed Trusts 
These types of trusts are declared intentionally by the settlor. Typically the settlor will intend to settle specific property on tryst for clearly identifiable beneficiaries  to be held by appointed trustees according to terms set out by the settlor.

 1. fixed trusts 
A trust is said to be fixed when the question as to who is to be entitled to what is to be found only in the trust instrument itself.

2. discretionary trusts
Trustees have a duty to distribute property be it capital or income to beneficiaries. The trustees in discretionary trusts have the discretion as to which members of the class of beneficiaries shall benefit and as to the amounts.

Resulting trusts
Resulting trusts are implied by the court - they are not created intentionally by the settlor.

Intervivos Trusts  are trusts that takes effect while  the settlor is still alive

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