Introduction to Trust & Contractual Safeguards
Lesson Objective for “Lesson 1: Foundations of Trust Law and Legal Structure”
By the end of this lesson, students will be able to:
- Define what a trust is and explain its legal and functional structure.
- Identify and describe the primary roles and responsibilities of the key parties involved in a trust, including the settlor (also known as grantor or trustor), trustee, and beneficiary.
- Explain the concepts of corpus (or trust res) and fiduciary duty as they pertain to trust relationships.
- Understand the historical origins and legal foundations of trusts within common law.
- Identify the types of entities legally permitted to serve as trustees and discuss their obligations under trust law.