Constitution of a trust Flashcards
(6 cards)
What are the formalities to constitute a trust over land?
Must be in writing, signed, and comply with s53(1)(b) LPA 1925. Requires a trust deed and registration (if applicable).
What is needed to constitute a trust over chattels (personal property)?
Deliver the chattels
Deed of gift
If B is an executor of the estate legal title passes by law
If trustee is given chattels to hold then equity intervenes
What is needed to constitute a trust over shares?
Must execute a transfer and send to the company registrar. Legal title only transfers when the register is updated.
If settlor is trustee legal title passed.
If B is executor legal title passed.
Every effort test
signed and sent tr1
waiting on reg only
When it says ‘hold for husband AND THEN AFTER HIS DEATH’
on these questions the children have a CONTINGENT interest until DEATH
if it says ‘hold for husband for life and then to my kids’ then the kids become contingent at the age that it states.
What is the rule in Saunders v Vautier for ending a trust early?
The trust can be ended early if all beneficiaries are of full age and capacity and at least one has a vested interest. Contingent beneficiaries do not prevent early termination if one interest is vested.
