TRUSTS & POWERS

costafortune
Mind Map by , created over 6 years ago

Degree Equity and Trusts Mind Map on TRUSTS & POWERS, created by costafortune on 05/02/2013.

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costafortune
Created by costafortune over 6 years ago
DUTIES OF TRUSTEES
costafortune
Equitable Remedies
scott.james.smit
SECRET TRUSTS
costafortune
Biological Psychology - Stress
Gurdev Manchanda
US Health Care
Arohi Vyas
Equity and Trusts, Express Trusts
scott.james.smit
Express Trusts- constitution and formalities
scott.james.smit
Equitable Maxims
ladyamaya86
3 CERTAINTIES
costafortune
HALF SECRET TRUSTS
costafortune
TRUSTS & POWERS
1 TRUST - Obliges a person to do something
2 Power - Enables a trustee to do something
3 Exhaustive trusts must be exhausted within a specified time
4 Non exhaustive - Trustees can consider whether or not to exercise their discretion
5 Beneficiaries cannot compel trustees to exercise their discretion
6 Trustees can be compelled to exercise their obligations
7 McPHAIL v DOULTON - Raised 2 questions
7.1 Was this a power or discretionary trust?
7.1.1 Was it void for uncertainty of objects?
7.1.1.1 Applied the test from RE GULBENKIAN - Is it possible to say, with certainty, whether someone is or is not a member of the class?
7.1.1.1.1 Conceptual Uncertainty - Words must sufficiently define the class which the settlor intends to benefit
7.1.1.1.1.1 Evidential Uncertainty - on a matter of evidence can specific persons prove that they are members of that class?
8 RE HAYS SETTLEMENT TRUSTS
8.1 Hybrid power and discretionary trust to distribute to anyone but settlor and her spouse, power effective but not trust as administratively unworkable
8.2 Discretionary trust - trustee must survey the class before deciding on distribution
8.2.1 Apply for Benjamin order if one of the beneficiaries is missing
8.2.1.1 Discretionary trust will not fail simply because it cannot ascertain every member of class
8.2.1.1.1 RE BADEN'S DEED TRUST (NO2) Person must be able to prove that they are in the class, but discretion still lies with trustee
8.2.1.1.1.1 Width of the class may cause discretionary trust to fail even if class is conceptually certain
8.2.1.1.1.1.1 A power is unlikely to fail for administrative unworkability
8.2.1.1.1.1.1.1 RE MANISTY'S SETTLEMENT - Power cannot be void for number of people involved only, only if terms are capricious (show no sensible intention)
8.2.1.1.1.1.1.1.1 R v DISTRICT AUDITOR - administratively unworkable but conceptually certain. Not a valid trust as class was 2.5 million so too wide.
9 Conditions subsequent and precedent
9.1 RE ALLEN - son had to be a practicing member of CofE when father died, he benefitted
9.1.1 Subsequent - Must indicate what would constitute the occurence of the condition subsequent

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