key terms Flashcards
what is equity?
1) Enforces those rights and duites not recongnised by the common law
2) “gloss” on the common law
what is a settlor?
person who owns the property. legal terms they hold the legal estate and the equitable interest in that property.
what is a trustee?
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary)
what is a beneficary?
A beneficiary acquires equitable proprietary rights in property .
what is a testator
means a ‘man who made a Will’
what is a testatrix
testatrix is a ‘woman who made a Will’.
what does intervivos trust mean
A trust that comes into affect when the settlor dies
what is a testementary trust
a trust created in a will
what is a trust?
a legal relationship created (in lifetime, or on death) by a settlor
what does reminader mean in a trust
a beneficiary whose interest vests at a later time.
what does vested interest mean
the beneficiary is already entitled to the interest
what does contingent interest mean
the beneficiary must meet a condition to become entitled to the interest e.g. marriage
what is a private trust?
a legal contract that holds and manages assets
what is a public trust
an organization that manages money for a particular charity or group of people
what does it mean by express trust
This means that the settlor was willing to create a trust
what does it mean that a trust is implied
A trust declared by a party not directly but by implication
what is fixed trust mean
A trust in which the interest of the beneficiary is identified and fixed
what does discretionary trust mean
an arrangement that gives trustees:
flexibility
control over how best to use the trust assets for the benefit of the beneficiaries.
what does a secret trust mean
where a person who has made a will (the testator) leaves a gift to someone in their will
but intends that the recipient (the secret trustee) holds it
to make a gift on to another person (the beneficiary).
what does a constructive trust mean
A trust that arises by operation of law where it would be unconscionable for a person (A) who holds an asset to deny the beneficial interest of another person in the asset.
what does a resulting trust mean
A type of trust that is imposed by law. It returns the beneficial ownership in the trust property back to the settlor.
what does statutory trust mean
A trust that arises on an intestacy where the issue of the deceased are entitled to the whole or part of the estate. The terms of such trusts are set out in section 47 of the Administration of Estates Act 1925, which provides for a child’s share to be held in trust until the age of 18
