An express trust is a trust created “in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties.” Property is transferred by a person (called a trustor, settlor, or grantor) to a transferee (called the trustee), who holds the property for the benefit of one or more persons, called beneficiaries. The trustee may distribute the property, or the income from that property, to the beneficiaries. Express trusts are frequently used in common law jurisdictions as methods of wealth preservation or enhancement.
A constructive trust is an equitable remedy imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or interference, or due to a breach of fiduciary duty, which is intercausative with unjust enrichment and/or property interference.
An inter-vivos trust is an express trust or constructive trust created during a life-time of the settlor/grantor.
A testamentary trust is usually an inferred trust that’s created upon the death of the grantor.
An NLTrust is a combination of any of the above;
inter-vivos: alive
testamentary: after death
express: clear intent
constructive: Such a court action has never happened to our knowledge to any of our clients, but if such a court action were to so order, the NLT could masterfully satisfy the order.
