Key concept/player Restitution

Definition The process by which the law reverses an unjust enrichment, that is, a gain made at the expense of a claimant. Restitution is primary effected by an account for the gain or profit or by the imposition of a constructive trust on the gain. A trust implied by law giving effect to the imputed intentions of the person in whose favour it arises. A trust where the identity of the beneficiary is not disclosed and one which takes effect after the testators death. A person creating a trust during his life-time. An act which takes effect on the death of an individual and complies with s. 9 Wills Act. Individuals (male/female) creating a trust in a will. The process by which a beneficiary can follow his or her beneficial interest in property into the hands of third parties. The document creating a trust.

Resulting trust Secret trust Settlor Testamentary Testator/Testatrix Tracing Trust instrument

Key concept/player Trust Administrator Beneficiary Bequest Breach of trust Charitable trust Constrictive trust Discretionary trust Equitable interest Executor Fixed trust Inter-vivos Purpose trust

Definition Equitable obligation binding upon a trustee to hold property for a beneficiary. An individual who administers an estate of a person when there is no will. The person entitled to the equitable interest in the trust property. A gift which is received under a will. A failure to comply with a duty or an improper exercise of a power by trustees either conferred by the trust instrument or trust law in general. A trust which is for a charitable purpose and for the benefit of the public at large. A trust implied by law by virtue of the unconscionable conduct of the constructive trustee with respect to property in his hands. A trust where the interest of the beneficiaries is at the discretion of the trustees. The interest of a beneficiary in the trust property. Appointed under a will to administer the estate of the testator. A trust where the interests of the beneficiaries are fixed from the start, e.g. 1000 equally to A, B, and C. An act done during the lifetime of a settlor or testator/testatrix. A trust which is for a purpose and not for ascertainable beneficiaries. Prima facie void.

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