Timeline for What is a trust? (Canada)
Current License: CC BY-SA 4.0
3 events
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| Jul 28, 2023 at 16:10 | comment | added | user68318 | Another way of describing trust that generally holds across common law countries (e.g., Canada, U.S., UK) is that it is a legal entity structure that bifurcates beneficial ownership from legal title and control. Typically, the beneficial owner of a company with a single shareholder aligns with the party that holds legal title and control of its shares; however, for some of the reasons that @DJClayworth outlined, sometimes there is reason to want to separate those two concepts. Despite the trustee controlling the trust, the trustee has a legal duty to act in the beneficiary's best interests. | |
| Jul 28, 2023 at 2:15 | history | edited | DJClayworth | CC BY-SA 4.0 |
added 74 characters in body
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| Jul 28, 2023 at 1:57 | history | answered | DJClayworth | CC BY-SA 4.0 |