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Extra info for Commonwealth Caribbean Trusts Law 2nd edition

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5 Commonwealth Caribbean Trusts Law Trusts distinguished from agency The main feature which trusts and agency have in common is that both give rise to fiduciary duties on the part of the trustee and the agent respectively. Thus, for instance, neither a trustee nor an agent may put himself into a position where his personal interests might conflict with his duty; for example, by purchasing property belonging to the trust or the principal. Another aspect of the fiduciary relationship is that both trustees and agents are accountable for any profits made by them out of the trust or principal’s property, respectively, in the course of carrying out their duties.

One of the great advantages of the trust is its flexibility. The trust can be used for a wide variety of purposes, such as: (a) to control the destination of family property on death; for example, where a testator bequeaths property upon trust for his widow for life, and thereafter for his children in equal shares; (b) to protect family property from spendthrifts by the establishment of a ‘protective trust’; (c) to enable two or more persons to own land. In some jurisdictions, where there is beneficial co-ownership of land, a statutory trust for sale arises; (d) to facilitate investment through unit trusts; (e) to benefit charitable institutions, such as schools, universities, hospitals and churches; (f) to make provision for a non-charitable purpose, such as the upkeep of the testator’s tomb or his animals; 6 7 8 [1933] 2 KB 79.

Instances where land might be conveyed to A to the use of B were: (a) where B, the beneficial owner of land, was about to go abroad on a crusade, it would be necessary for the land to be held by another person on his behalf, who would perform and receive feudal services; (b) where B was a community of Franciscan friars who were prohibited by their vows of poverty from holding property; and (c) where B was afraid of forfeiting his land on account of conviction for a felony, or of losing it to his creditors.

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