Trust Definitions Flashcards Preview

Equity And Trusts > Trust Definitions > Flashcards

Flashcards in Trust Definitions Deck (10)
Loading flashcards...
1
Q

Implied Trusts

A

Resulting and constructive trusts.

2
Q

Constructive Trusts

A

Legal imposition of a trust in certain, recognised, circumstances.

3
Q

Resulting Trusts

A

Automatic or presumed resulting trusts. Where there is a gap in the beneficial interest or not enough evidence to determine what the terms of the transaction are.

4
Q

Bare trusts

A

Where property is held for the beneficiary absolutely.

5
Q

Fixed Trusts

A

The beneficiaries and the extent of their interests are fixed.

6
Q

Discretionary Trusts

A

Trustees have discretion as to who will benefit and the quantum of their interest.

7
Q

Powers of Appointment

A

Gives holder of the power the power to dispense property to individuals, it does not have to be exercised but where it is there is a fiduciary duty.

8
Q

Saunders v Vautier

A

Where beneficiaries are in agreement and are of full age and mental capacity, they may bring an end to a trust where property is vested on their behalf absolutely.

9
Q

Gartside v IRC

A

Beneficiaries under a discretionary trust may bring an end to the trust if they are in agreement.

10
Q

Express Trusts

A

Depends on express intention of settlor, once property is conveyed to trustees settlor no longer has an interest.