Baxendale Walker provides a brief introduction to trusts

A trust is a way in which property rights are held, where the property in question is managed by a single individual, called the trustee, on the behalf of another called the beneficiary. Essentially, Baxendale Walker explains, the trustee is the one that holds the legal title for the property, but only holds it for the benefit of the other person. Because of this, a trust is an equitable obligation, and can usually once be enforced in courts when equity has been administered. There are many different types of trust, the most commonly used of which is express trust. This, Baxendale Walker says, involves the disposer of the trust expressly identifying who the beneficiary is, as well as what the purpose of the trust is. Other types of trust include resulting, constructive, charitable and non-charitable.

According to Baxendale Walker (http://www.yell.com/b/Baxendale+Walker+LLP-Tax+Advisers-Glasgow-G37XA-5969228/), a resulting trust is one whose creation has been applied by an operation of the law, unlike with an express trust, which is create by the disposer’s intention. Resulting trusts involve the transferee being obligated by equity to hold the trust’s property, for the transferor. The name of this trust is derived from the understanding that the ‘results’ are the beneficiaries interests being met.

Constructive trusts are an example of the above mentioned trust, wherein it arises through an operation of the law, rather than the implied or expressed intentions of the settler. Baxendale Walker points out that there is no strict definition of what a constructive trust is, and because of this, the concept of a constructive tryst is almost always used as a way in which to further the legal principles involved in property law, as opposed to being used as a trust in and of itself. As a general rule of thumb, with this type of trust it applies that it would be inequitable for the trustee to assert their ownership of a named property, and because of this, the end result is the same as with other trusts, in that the beneficiary receives the property.