ABSTRACT
Most trusts which are used for commercial purposes are the product of deliberate design. Unit trusts are kinds of express trusts which are most often employed for commercial purposes. Express trusts are those arising by way of the expressed intentions of a person or persons. They include those that are created inter vivos and those that are created by will. An express trust may be created inter vivos either by a settlement or by declaration of trust. In the case of trusts inter vivos of certain interests and in relation to the assignment of interests, formal legal requirements are imposed. The chapter discusses some of the basic approaches to interpretation of trust instruments. The question of interpretation of the terms of the instrument creating a trust, be it a will or other instrument, is especially appropriate with regard to express trusts rather than trusts implied by operation of law.
