Creation & Consititution Of Fixed, Express Trusts Flashcards
1
Q
What are the trust?
A
- a trust is a legal relationship in which the legal title to property is entrusted to a person or legal entity with a fiduciary duty to hold and use it for another’s benefit
2
Q
What are the three classifications of trusts?
A
- Manner of creation
- Purpose for which created
- Nature of beneficiaries’ interest
3
Q
Trusts in the commercial and tax contexts
A
- ## ability to make commercial investments in secret- trustees may be bound by a confidentiality arrangement not to reveal who the settlers or beneficiaries are
4
Q
Who is the settlor?
A
- the person who creates an express private trust during their own lifetime
5
Q
Who is the testator/ testatrix?
A
- a person who creates an express private trust through their will
6
Q
Who is the trustee?
A
- the legal owner of the property, who must excercies his/her property rights in the interests of the beneficiary, until the trusts come to an end
7
Q
Who is the beneficiary?
A
- Equitable/ beneficial owner of the trust property
8
Q
Milroy v Lord (1862)
A
Read case
9
Q
Describe Certainty of intention
A
- it must be clear that the person disposing of the property intended to create a trust, rather than making a gift
10
Q
Re Kay Ford [1975] 1 All Er
A
-
11
Q
Re Steele’s Will Trusts [1948] Ch 603
A
-
12
Q
Midland Bank plc v Wyatt [1995] 1 FLR 697
A
-
