Trusts/ wills

Question 1

What are the 2 main types of trust and their subtrusts

Answer 1

Express trusts
trusts that the settlor expressly intends to create- can be for person or for purpose.
sub categories: Individuals: fixed vested, contingent, successive or discretionary interest- (up to trustee)
Purpose : to do soemthing
sub-sub categories:
Personal: bare, contingent, life interest, discretionary

Implied trusts
Trusts that arrise with no express intention exists cause law says it should.
sub cats: Constructive trusts, resulting trusts.
Resulting- automatic (failure of express) or presumed (no evidence of intention to gift)
Constructive-

Question 2

What is a quistclose trust

Answer 2

Barclays v QUistclose: lend money for purpose, until that purpose is done the borrower holds the moeny on trust with lender as beneficiary.
if failure to use for purpose- lender can enforce to get the money back

eg money to build house, if not used on house can be enforced.

Question 3

Rule in Saunders v Vautier

Answer 3

applies if the beneficiaries are:

Absolutely entitled to the trust property (no other potential claimants exist).
In agreement, of full legal capacity, and ascertainable (basically its a postponed payment trust)

applies if the beneficiaries are:

Absolutely entitled to the trust property (no other potential claimants exist).
In agreement, of full legal capacity, and ascertainable

Question 4

Family trusts- Common intention trust

Answer 4

requires either a direct contribution to the purchase price or significant contribution to mortgage payments after purchase. not to the upkeep or extensions/ renovations

Question 5

family trust proprietary estoppel

Answer 5

similar to promissory estoppel-
promise made, rely on to detriment, unjust to go back on.
money for home/ property.

check fror presumtion of advancement- father to child etc

Question 6

family trust resulting trust

Answer 6

court will take a mathematical approach to determining the share on - financial contributions to the purchase at the time of the purchase

court does not consider contributions made after the purchase, such as household expenses and later mortgage payments