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Fiduciary estates are properties managed by one party for the benefit of another through a trust arrangement. Trustees hold legal title to the property but must manage it in the best interest of the settlor. Different forms of trust property require different management methods. Trust intangible property, like securities, is immovable and invisible.
In most common law systems, fiduciary estates are those properties managed by one person, group of persons or organizations for the benefit of another. A trust arrangement is created when an individual enters into an agreement that secondary parties be entrusted with some or all of the estate of the party that initiated them. The owner of the property is most commonly referred to as the settlor. Trustees are the individuals or individuals with whom the settlor initiates the agreement. The arrangement typically requires the trustees to manage the property in the most beneficial way for the settlor.
Trustees bear a heavy responsibility due to the fact that their decisions regarding the settlor’s property can have a major impact on his financial well-being. Trustees hold legal title to the property entrusted to them at the time of the arrangement, but trustees are legally required to facilitate the use of their statutory right in a manner consistent with the overall goal of benefiting the settlor. Due to the nature of trusteeship arrangements, the legal title the trustees hold to the property is specified by the settlor, who retains a fair amount of legal right to the property.
Trust ownership comes in many different forms, and the varying nature of ownership forms requires different management methods. Real trust property is a form of property which differs from other forms of trust property due to its immobility. Generally, real property is land: it is immovable property that is static but can undergo changes due to its connection to the natural environment. Personal trust property is distinguished from real trust property by the fact that this property is movable.
Any property which a settlor entrusts to one or more trustees is classified as trust property and will typically be managed in accordance with the differing characteristics of the various forms of ownership. Personal property is commonly referred to as chattel or personality. Trust intangible property is another asset that settlors can entrust to trustees of their choice. This type of asset has the unique feature of being immovable and invisible, like securities.
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