47509
Description
Mind Map by scott.james.smit, updated more than 1 year ago
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Created by scott.james.smit
about 11 years ago
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Express Trusts
- Declaring an express
trust
- Settlor transfers legal title to trustee and
equitable interest to a beneficiarry
- settlor must have
absolute title
- trustee acquires all
common law rights to the
property
- land: in name of trustee,
Bank account: account in
name of trustee
- land: in name of trustee,
Bank account: account in
name of trustee
- beneficiary acquires
equitable interest in
property
- ultimate interest
according to law
- ultimate interest
according to law
- settlor must have
absolute title
- Settlor transfers legal title to trustee and
equitable interest to a beneficiarry
- rights of beneficiaries
- multiple beneficiaries
rights dependant upon
terms of trust
- one person rights for life, then passes to
next beneficiary upon death
- one person rights for life, then passes to
next beneficiary upon death
- multiple beneficiaries
rights dependant upon
terms of trust
- discretionary trusts
- power to trustee to appoint trust
property to beneficiaries
according to trust document
- power of appointment
- not obliged to transfer funds,
but can if certain circumstances
arise
- difference between discretion
and POA is whether trustee
compelled or merely enabled to
act
- not obliged to transfer funds,
but can if certain circumstances
arise
- power of appointment
- power to trustee to appoint trust
property to beneficiaries
according to trust document
- Saunders v Vautier
- Gives beneficiaries the right to
instruct the trustee to transfer the
property to them absolutely.
- B can only exercise
power if they hold the
entirety of EI and are all
legally competent to act
- demonstrates that B under a
trust have proprietary interest
in trust fund and not merely
personal rights against
trustees
- Gives beneficiaries the right to
instruct the trustee to transfer the
property to them absolutely.
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