Express trusts Flashcards
1
Q
Method of creating express trusts?
A
Intentionally created. The settlor is the full legal owner of the asset. Legal title held by trustee and equitable title held by beneficiary.
- Declaring themselves as trustee
- Transferring property to a third-party trustee
o Transfer on trust for third party
o May be created for a third party
o Transfer on trust for settlor
o May create a trust to hold it for themselves via a third-party trustee.
2
Q
Requirements for express trusts?
A
The three certainties
Certainty of intention
Certainty of subject matter – must be possible to ascertain clearly
Certainty of objects – must be possible to identify or ascertain the beneficiaries of the trust
Formalities exist
