Express Trusts

scott.james.smit
Mind Map by , created over 6 years ago

(Equity and Trusts) Mind Map on Express Trusts, created by scott.james.smit on 04/16/2013.

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scott.james.smit
Created by scott.james.smit over 6 years ago
DUTIES OF TRUSTEES
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SECRET TRUSTS
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Equitable Remedies
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Physics P1
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Equity and Trusts, Express Trusts
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Express Trusts- constitution and formalities
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3 CERTAINTIES
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HALF SECRET TRUSTS
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Express Trusts
1 Declaring an express trust
1.1 Settlor transfers legal title to trustee and equitable interest to a beneficiarry
1.1.1 settlor must have absolute title
1.1.2 trustee acquires all common law rights to the property
1.1.2.1 land: in name of trustee, Bank account: account in name of trustee
1.1.3 beneficiary acquires equitable interest in property
1.1.3.1 ultimate interest according to law
2 rights of beneficiaries
2.1 multiple beneficiaries rights dependant upon terms of trust
2.1.1 one person rights for life, then passes to next beneficiary upon death
3 discretionary trusts
3.1 power to trustee to appoint trust property to beneficiaries according to trust document
3.1.1 power of appointment
3.1.1.1 not obliged to transfer funds, but can if certain circumstances arise
3.1.1.2 difference between discretion and POA is whether trustee compelled or merely enabled to act
4 Saunders v Vautier
4.1 Gives beneficiaries the right to instruct the trustee to transfer the property to them absolutely.
4.2 B can only exercise power if they hold the entirety of EI and are all legally competent to act
4.3 demonstrates that B under a trust have proprietary interest in trust fund and not merely personal rights against trustees

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