Property is left in trust for the benefit of persons or of institutions or of the public, and is administered by trustees who are strictly bound to execute the terms of their instructions.

Contracts of many sorts are entered into by owners, limiting their control in manifold ways, and the law enforces these contracts.

These all form a complex of equitable claims, which together equal in value one undivided property right, which in turn equals the value of the wealth.[4] Sec.7.

#Limitations of bequest and inheritance#.

The term bequest implies a will, usually a written will in which the person, in anticipation of death, expresses his wishes as to the disposition of his property.