A more recent version of these Intro To Trusts notes – written by Cambridge/Bpp/College Of Law students – is available here.
The following is a more accessble plain text extract of the PDF sample above, taken from our GDL Equity and Trusts Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
E&T: Introduction to Trusts
- Split ownership in trust: legal + equitable. legal ownership: trustees - responsibilities but no beneficial enjoyment of trust property. equitable/beneficial ownership: beneficiaries - right to beneficial enjoyment.
? 2 interests may be dealt with separately.
- Use of trusts: extremely flexible - can be designed to meet a variety of circumstances. examples: gift to minor; maintenance of incapable person; income to one person for life (e.g. widow) while ensuring capital goes to another (e.g. children); tying up gift so beneficiary cannot waste it; ensuring gift cannot be claimed by beneficiary's creditors; postponing a gift; discretionary trust: trustees can split among class according to circumstances. express private trusts: deliberately created by settlor - normally used for protection/preservation of wealth. charities: form of public trust - normally exist to promote a purpose rather than specif ic people. implied trusts: resulting + constructive trusts - imposed by law in certain circumstances; no intention necessary.
- Classification of trusts express trusts: usually deliberately set up by settlor (but: can be deduced from conduct). private: for benefit of private individuals. charitable: for public purposes, not private individuals. implied trusts: implied by law, sometimes despite settlor's intentions. resulting: property 'results'/returns to settlor (e.g. because not fully disposed of, or because retained beneficial interest). constructive: imposed by law in some cases to remedy fault or facilitate transaction (e.g. contracts, esp. for sale/purchase of land). statutory: implied by statue (e.g. intestacy: statutory trusts arise under Administration of Estates Act 1925, amended by Trusts of Land and Appointment of Trustees Act 1996). bare trust: beneficiary absolutely entitled to trust property ? Saunders v Vautier rights: can dissolve trust +
have trust property transferred to them.
- Saunders v Vautier  rule: assimilates equitable + legal ownership. right to dissolve trust: beneficiaries of bare trust given same rights as absolute legal owners - because they really 'own' the property. based on principle in wills: sole legatee of vested interest could demand immediate payment even if testator had stipulated executor should accumulate interest first. development: application to multiple beneficiaries + discretionary trusts in some circs.
Buy the full version of these notes or essay plans and more in our GDL Equity and Trusts Notes.