Trusts Flashcards
When can Bs bring a trust to an end if some Bs interests are contingent and a replacement B is named
If Bs have satisfied contingency:
* All potential Bs are in existence and ascertainable
* ALL adults; and
* ALL agree
If Bs have not satisfied contingency, can end trust provided they obtain replacement Bs consent.
is an instruction to hold property on trust ‘until Bs attain the age of 21’ a contingency?
Yes
How does a co-owner prove they hold more of a beneficial interest in property (i.e. hold their interests as TiCs not JTs / owns more than 50%)?
In other words, how do they rebut the presumption they hold the property as JTs?
To argue they hold the property as TiCs not JTs, the party must show:
1. Common intention their interest is not equal
- Court will consider whole course of dealings
- High threshold to prove not JTs (e.g. kept finances separate for 20 years)
**2. Detrimental reliance on intention of unequal shares **
- financial contribution (e.g. contributed more money to mortgage)
Constitution of trust where settlor is a trustee with 3rd party
Trust constitutes once DoT formalities met. No need to transfer property to 2nd trustee but good practice.
Trustees appointing a new trustee
Existing trustees agree in writing (max 4)
When is a gift of chattel constituted?
- clear intention to transfer; and
- act of delivery or change of possession (i.e. handing over keys to car)
Trustee standard of care
Such care and skill as is reasonable, taking into account their level of knowledge
Funds paid in after Trust money - can it be traced into?
No
Good receipt for a gift to an unincorportated association
ALL members
Does proprietary estoppel apply to commercial situations?
No
What type of trust is a quistclose trust?
Resulting trust if purpose cannot be fufilled.
