CREATION OF TRUST - express

Question 1

the express trust can be treated in 2 ways

Answer 1

1. inter vivos
2. after deatgh

Question 2

how is a exoress trust made inter vivos

Answer 2

1. by tranfer of legal title to the trustees
2. by self declaration - three certainties

Question 3

how is a express trust made after detah

Answer 3

by will

Question 4

what r the three certainties and what section

Answer 4

s15 trusts act
1. intention
2. property
3. beneficiarys

Question 5

s25 pla

Answer 5

if trust prop is land it must b in wrirting

Question 6

s11 wills act

Answer 6

if the trsut is bein created by will, it must be in worting and be witnessed

Question 7

certairty of intention

Answer 7

trust intention can be evidenced by
1. trust deed
2. by words and conduct

Question 8

whats an important thing to remeber about trust certity of inetntion

Answer 8

an expres trsut may be created even though the parties do not call it a trust, and even though they do not precisely understand what a trust is

Question 9

paul v constance

Answer 9

c left prop to first wife he seperated from, de facto partner, p claimed her and c shared a bank acc
words and conduct here clealry indictaed an INTENTION TO C to hold half the account on trsut, c had repeatedly said this is as mcuh my money as yours

c

Question 10

jones v lock

Answer 10

father places cheque in babys hand, i give this to baby, but retains possession, failed to include in will and died
a failed gift cannot be inferred to be a trust as the intention was that of making a gift not a trust

Question 11

certainty of property

Answer 11

the subject matter of the trust must be sifficuiently certian, ant be vague or ambigupis waht the trsut property is

Question 12

certianty of objects/beneficiaries

Answer 12

• who is to benefit from trust prop
  AND
• how are they to benefit

Question 13

types of beneficial intersts

Answer 13

• fixed
• vested
• contingent
• joint
• discretionary

Question 14

fixed interest

Answer 14

settlor placed house on trust for beneficiary

Question 15

vested interest

Answer 15

settlor grants parter a life interest in house and children remainder interest
- can be in possession, capitlal
- immediate or postponed benefits

Question 16

contingent interest

Answer 16

settlor grants children living at the time of his detah an interest in the house
- beneficiary to meet a condiction before interest vests

Question 17

joint interests

Answer 17

settlor divides interest between children
- survior ship rule
- tenancy in common

Question 18

discretionary interest

Answer 18

settlor leave discretion to trustee to determine childrens iinterest
- chilren have mere hope they wil receive

Question 19

if there is uncertiaty as to who owns what

Answer 19

the remiander will revert back to the settlor creating a resutling trust

Question 20

resulting trust

Answer 20

if there is uncertainty to who owns what, the property will revert back to the settlor creats a resulting trust