Which of the following is NOT typically part of a trust?

In the context of trusts, the correct choice identifies an element that is generally not considered a fundamental part of the trust's structure. A trust consists of three primary components: the trust property, the trustee, and the beneficiaries. The trustee is responsible for managing the trust property on behalf of the beneficiaries. The beneficiaries are the individuals or entities who benefit from the trust assets.

The statutory authority that regulates the trustee's decisions, while vital in ensuring compliance and providing oversight, is not inherently a component of the trust itself. Instead, it serves as an external regulatory framework that governs how trustees must operate and make decisions concerning the trust.

This differentiation highlights that while the regulatory authority plays a significant role in enforcing the laws and regulations that govern trusts, it is not an integral part of the trust structure itself. Instead, it exists outside the direct relationship between the trustee, trust property, and beneficiaries.