Resulting trusts Flashcards
1
Q
In what circumstance will an automatic resulting trust occur?
A
Transfer on trust which fails but the property has been transferred to the trustee
2
Q
What happens in an automatic resulting trust?
A
Beneficial interest returns to settlor
3
Q
In what situations will there be a presumed resulting trust?
A
- gratuitous transfer where no intention to gift
- pays purchase price
4
Q
How would a resulting trust work where multiple people have paid the purchase price for an asset?
A
Hold equitable interest reflecting their respective contributions
5
Q
When will presumed resulting trusts not be used to determine beneficial entitlement?
A
Family home
6
Q
What situations will create a presumption of advancement rather than resulting trust?
A
- from husband to wife
- from parent to child
- from person in ‘loco parentis’ to minor child
