A trust is a binding obligation enforceable by law when undertaken. It may be created by one of the following:
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- a person (either verbally or in writing);
- a court order; or
- a statute.
Generally, a trust is created when it is properly established and there is certainty of:
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- the intent to create a trust;
- the property to be placed in trust; and
- who the Beneficiaries of the trust are.