Exploring Common Law Trusts and Statutory Trusts

The chapter examines the differences between common law trusts and statutory trusts, emphasizing how common law trusts are established through historical common law traditions and contract rights without being dependent on legislative laws. It discusses the benefits of common law trusts in providing individuals with autonomy in managing assets, the role of various parties involved in a trust, and the importance of complying with tax regulations. The chapter also highlights the protection common law trusts offer individuals from unethical trustees and the flexibility of equity jurisdiction in courts.