Express Trusts: Express trusts are trusts that are created when a settlor deliberately and clearly expresses the intention to create a trust. This type of trust is created when a settlor transfers property to a trustee to hold and manage the property for the benefit of someone else.
2. Resulting Trusts: Resulting trusts are created when a person transfers property to a trustee without the intention to create a trust. This type of trust is created when a settlor transfers property to a trustee but fails to create an express trust.
3. Constructive Trusts: Constructive trusts are created when the court imposes a trust on a person who holds property that was obtained through illegal or fraudulent means. This type of trust is created when a person obtains the property from someone else and the court orders that he holds the property on trust for the benefit of the original owner.
4. Trusts for Specific Purposes: Trusts for specific purposes are created when a settlor explicitly states that the trust is for a specific purpose. This type of trust is created when a settlor transfers property to a trustee to be used for a specific purpose, such as a charity or a particular project.