Odger's English Common Law

Chapter IV.
PRIVATE RIGHTS : RIGHTS IN, TO AND OVER THE PROPERTY
OP ANOTHER.
We have described in barest outline the full rights enjoyed
by the owner of property. But he is not bound to retain all
these rights in his possession. He may split up his dominion,
and give or sell some of the fragments to others, while reserv-
ing the rest to himself. He still remains the legal owner of
the whole, but others have acquired rights over a portion of
his property, so that the exclusive enjoyment of that portion
is no longer his.
In this way one man becomes the owner of rights in, to or
over the property of another. These rights are very various.
Take a common instance of what is known as a "trust."
When a marriage is about to take place, the father of the
bride often transfers stocks and shares to trustees upon trust
to pay the income to the bride for her life, then to the husband
for the rest of his life, and then to divide the capital among
the children of the marriage. The legal ownership of the
property is thus vested in the trustees ; the stocks and shares
stand in their names, and they receive the dividends. The
whole trouble of management falls upon them ; but they may
not make the least profit for themselves out of the trust.
Every penny which they receive must be paid over to the
successive beneficiaries.
So when a man dies, his executors stand before the world
as the owners of his estate. They are clothed with practically
every power which an owner usually possesses. But they
may not exercise these powers for their own benefit. They
must administer the estate ; and unless there is an express
provision in the will, they receive no recompense for their
trouble. They are the legal owners of the testator's estate,