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Intro To Trusts Notes

GDL Law Notes > GDL Equity and Trusts Notes

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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 [1841] 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.

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