Constitution Of Trusts Problem Essay In 2010, Nixon orally declared himself as trustee of his own farm, Whitewater, for the benefit of his son, Ronald. He also declared that he was the trustee of the collection of diamonds in his safety deposit for his daughter, Nancy.All about the transfer of title (legal) to the trustees.
Constitution of trusts Seminar 4 How to create To form an express trust you need: Certainty of intention Certainty of subject matter matter Certainty of object The trust needs to be validly constituted and satisfy the formalities Our focus is now on the valid constitution of a trust What is the constitution of trusts?
This chapter deals with the constitution of trusts and discusses the distinction between requirements of constitution and formality in relation to the creation of trusts. It also looks at a validly constituted trust, the maxim that equity will not assist a volunteer, how the common law can assist in the constitution of trusts, and a valid donatio mortis causa.
Effective disposition of benefit: constitution of trusts Chapter 5 (PDF, Size: 12KB) Ineffective disposition of benefit: resulting trusts Chapter 6 (PDF, Size: 13KB) Formality, perpetuity, and illegality: trust creation and public policy I Chapter 7 (PDF, Size: 26KB) Charity: trust creation and public policy II.
A beneficiary under a trust is a volunteer unless he has provided valuable consideration.(1) Where a gift is made, the beneficiary will always be a volunteer as it is by definition made without consideration. The traditional equitable maxim is that equity will not assist a volunteer.(2) This generally means that where a gift is made imperfectly, equity will not enable the intended beneficiary.
The general law of trusts, as supplemented by the terms of the trust, imposes on the trustees a wide range of duties, which govern their administration of the trust. Duties of the trustees relate to how the trustees deal with the trust property and others will cover their responsibilities towards the beneficiaries.
Constitution and formalities (essay) STUDY. PLAY. inter vivos trusts of personal property. need not to be in writing, wills, trusts of land and trusts of equitable interests must be made in writing.. TWO STAGES FOR THE CONSTITUTION OF A TRUST. Must be a valid DECLARATION of trust. There must be a TRANSFER of the legal title in the trust.
AIMS AND OBJECTIVES. By the end of this chapter you should be able to: identify the essential tests in Milroy v Lord for the constitution of an express trust appreciate that the law in this chapter involves gifts and the creation of trusts distinguish between a perfect and an imperfect trust and understand the consequences of constitution grasp the principle in Fletcher v Fletcher.