Who can be a Trustor, Trustee and Beneficiary named in a Trust and what are the rights/obligations of such parties?
Any natural person with full legal capacity and any other legally established entities with those specific qualifications that are set out in the regulations to the Trust Law.
A beneficiary must be either a natural person or a legal person or any other legally established entity.
A Trustor has the right to inquire into the status of the Trust and the management of the Trust assets. The Trustor can also request changes to the management of the trust. In addition, the Trustee owes a duty to the Trustor to properly manage the Trust assets.
The Trustee must avoid any conflicts of interest and maintain separate accounts for their own assets and the Trust assets. The Trustee's authority to manage the Trust assets is set out in the written Trust Agreement.
The beneficiary is the legal entity that is entitled to the benefit of the Trust assets. A Trustor can be a beneficiary, but the Trustee can only be a beneficiary of a Trust if there is another beneficiary named in the Trust Agreement. A beneficiary is entitle to benefit form the Trust but the beneficiary can also renounce the Trust, transfer its rights to the trust assets and gift such rights by inheritance.
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