Termination of Private Trusts Flashcards
1
Q
How can private trust be terminated?
A
- exhausation of trust property
- revocation by truster
- termination by beneficiaries
2
Q
Effect of no trustees?
A
Trust does not come to an end due to lack of trustees.
- new trustees can be appointed
3
Q
Exhausation of trust property.
A
- all trust property paid out to beneficiaries in accordance with trust purposes
- beneficiaries may discharge trustees
- s18 - court discharge
4
Q
Revocation in
- mortis causa trusts
- inter vivos trusts
A
Trusts are irrevocable unless by truster if possible:
Mortis causa trusts:
- will can be revoked until death of testator
Inter vivos trust:
- expressly reserved in trust deed
- bare trust/administrative trust
- no beneficiaries exist at time of revocation
- spec successionis vs beneficial interest
5
Q
How can beneficiaries successfully terminate trust?
A
- all beneficiaries unanimously agree to end trust
- of full age and capacity
6
Q
Millers Trs v Miller.
A
Where a beneficiary has a vested, unqualified, indefeasible right in fee to property, they can insist trustees denude in thier favour.
7
Q
When can Miller rule apply?
A
- termination of trust
- partial termination
- sole beneficiary
(not variation)
