Although the words used by the settlor must be precise, the courts will however accept any sort of words given as long it discloses the obligatory intention and data. As stated in Re Kayford Ltd by Mergarry J, ‘the question was whether in substance a sufficient intention to create trust
turn out to be sufficiently certain enough, the trust will be invalid. In this way, we need to make sure that the subject matter is ascertainable. If we cannot properly ascertain what the subject matter of a trust is, then it could be said that the settlor did not really intend to create a trust at all. Notwithstanding the fact that the three facets of ‘certainty’ are treated separately, in many cases they overlap. This essay will only concentrate on the certainty of subject matter, thus the two other
In this scenario, Adela made a will and has appointed her solicitor, Russel Rance as an executor and trustee. In order for a trust instrument to be valid, it must show the certainty of intention, the certainty of subject matter and the certainty of objects. These requirements have been set up in many cases, for example, by Lord Langdale in Knight v Knight. It can be argued that the essence of a trust is to impose a binding obligation on the trustees . (a) In disposition ‘a’, Adela has directed
Current English land law on the co-ownership of interests of land has developed quite a contentious history pertaining to the relationship between the acquisition of rights and the quantification of the shares. In terms of co-ownership, there are huge variances and legal consequences when legal ownership is in one person’s name compared to two. These differences can be seen in various landmark cases which have created precedent and developed refined principles such as Lloyds Bank plc v Rosset and
Student number:1357775 Module leader: Dr. Eleanor Staples Module code:CL5301 Essay title: “In Stack v Dowden, the majority of the House of Lords gave legal effect to context and considered that special rules should apply to determine beneficial ownership of the [family] home.” Module title :Land Law Word count:1993 This paper will spend a majority of its analysis on beneficial ownership and why it should be assessed differently in the domestic context of a family home
grantor, the trustee, the beneficiaries and the trust document. The grantor,also known as the settlor, is the one who creates the trust and supplies its assets. The settlor must be an adult and be of sound mind. He may be a company or even another trust. The settlor may also be a beneficiary of the trust.
inheritance tax (20%) and the assets within the trust are relevant property and are therefore subject to exit and principal charges. The 10-year anniversary charge occurs as well. Gift to a trust for disable people is not relevant property trust so the settlor do not have to pay inheritance tax on the transfer of asset as long as the person making the transfer still alive for 7 years after making the transfer (HM Revenue & Customs,
binding on the settlor. The long-standing idea that equity will not perfect an imperfect gift can be traced back to the 19th century cases of Ellison v Ellison and Milroy v Lord , and was further emphasized in the 20th century in the case of Re Fry . Completely constituted trusts are segmented into executory and executed trusts. Executory trust is when a declaration or instrument requires the successive execution of further instruments while an executed trust is when the settlor has clearly and
Question 1 (a) A settlement on a trust can be a described as a conditional gift made by the settlor to the trust’s beneficiaries. Explain in what way a trust can be argued to be such a conditional gift. Testators (or donors) may attach any condition that they choose to a gift. Depending upon the circumstances, a conditional gift may be subject to conditions either precedent or subsequent. A condition precedent is one that is to be performed before the gift takes effect. A condition subsequent
8 steps to set up a discretionary trust / family trust Posted June 12, 2015 A trust is a legal relationship whereby one person (the ‘trustee’) holds assets for the benefit of one or more other parties (the ‘beneficiaries’). A discretionary trust (also known as a family trust) is a trust in which the trustee is given the power/discretion to decide which of the beneficiaries are to benefit from the trust. A discretionary trust is an important vehicle for a number of reasons, which include: Asset
In considering what the possible entitlements are for the clients, the foundation of a trust must be established. A trust is ‘where one person transfers the legal ownership of property to another to hold that property for the benefit of somebody else’ . Firstly, in regards to Rose cottage, Andy’s country cottage together with all the furniture and contents, Andy, had asked Ian, to hold certain properties for his mistress Sian, and had said that he would complete any necessary formalities when he
A gift is the transfer of legal property such as land, a house or money. Since there is no consideration for the gift, a gift is not regarded a contract and as such a gift will fail if the person giving the gift does not take the necessary steps to divest himself from the gift. Where a gift fails it reverts back to the person intending to make the gift or to the estate of that person where the gift is testamentary. A completely constituted trust implies that the trust property is conferred to the
A trust is a relationship whereby property is held by one gathering for the advantage of another. A trust is made by a settlor, who exchanges property to a trustee. The trustee holds that property for the trust's recipients. Trusts exist mostly in like manner law locales and comparative frameworks existed since Roman times. A proprietor of property that spots property into trust turns over some portion of his or her heap of rights to the trustee, isolating the property's lawful possession and control
They originally settled in the east and slowly moved westward due to larger more powerful landowners forcing them out and into the mountains. Times were hard for the settlors and resources were limited, so they relied upon their own resources to entertain. They would dance, sing, and worship to music with no accompaniment. The settlors made music and dance a major part of their lives along with worshipping. It is believed that the Irish brought to the region the fiddle and the pipes. It is believed
would terminate at the end of the life of the pet or pets. The description of Permissible Beneficiaries does not seem to exclude livestock or wildlife. The current statute does not seem to address the issue of pets in gestation at the time of the settlors death. Although the statute does say “Alive during the settlor’s lifetime”, it does not specifically define “alive” to include or exclude animals in gestation. Until this has been addressed, the drafter of a pet trust should include the client’s
Midterm: Essay question: If you were an estate planner, why would you choose a trust as a preferred means to property distribution? Specifically which type of trusts would you use? Why? An estate plan is basically a process through which planning for the methodical and systematic disposition, management and administration of the property. The estate planner does this after the real owner of the property has died. The main goals of the estate planner are multiple. He is responsible for avoiding
ction Every trust must satisfy 3 certainties of intention, subject matter, and objects. it is very important that a trust satisfies the three certainties for two reasons: -Trustees must know what their obligations are under the trust and they will be liable for breach of trust if they fail to carry out their obligations correctly. The three certainties therefore provide a trustee with a degree of protection by ensuring that their obligations are clear. Satisfying the three certainties ensures that
all to be construed objectively. Justices Gummow and Hayne similarly found that “the relevant intention is that manifested by the declaration of trust.” They added that there need not be any inquiry into the “subjective or ‘real’ intention of the settlor” as this is unnecessary for the establishment of a trust. Chief Justice French agreed with the reasons of Gummow and Hayne JJ, however not to the same extent. The decision in Byrnes was pivotal on the case of Commissioner of Stamp Duties (Qld) v
avoid unconscionability. When a person holds both the legal and equitable interest in a piece of land they are the legal owner. When a trust is created the legal ownership is transferred from the owner (or settlor) to a trustee, with accompanying obligations to discharge the interests of the settlor at the same time the equitable interest is transferred to a beneficiary, giving them certain rights in the property. “Where there has been an express trust declared over land, the terms of
Since we spoke on Thursday, March 9, 2017, I have been working on various versions of the 2017 Amendment to the Family Trust (the "Trust"), a revocable living trust created on October 23, 1996, amended on October 29, 2008, and June 27, 2016. If order to insure no disruption in the management of your Trust Estate, simultaneously avoid conflict, while assuring accountability, it will be advisable for you to pick your professional fiduciary before we amend your trust. Initially, you instructed