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Cheatheets Trusts SQE1 FLK2
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Cheatheets Trusts SQE1 FLK2
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TRUSTS SARA AHMEDLEGAL VS EQUITABLE OWNERSHIP TRUSTEE
Where someone is an absolute owner, they have both the legal and equitable ownership, and The trustee is under a duty to maintain, and potentially increase, the
so can do what they like with the property. In these cases, the equitable interest has no legal value of the property held on trust for the benefit of beneficiaries.
or practical significance.
They will therefore make decisions in the best interests of beneficiaries
However, the equitable interest does become significant where the legal and equitable who might be too young, immature, vulnerable or unwell to make those
ownership is in separate hands, because in this situation, both parties have rights in the decisions themselves.
property.
In addition, the settlor can set down the terms on which the trustees
A trust is an arrangement where a trustee holds property for the benefit of another. hold trust property. These terms can allow the trustees to drip-feed
money early to beneficiaries if the need arises or allow the settlor to
A trust involves: delay the entitlement of beneficiaries or impose conditions on their
entitlement.
• a duty imposed on a trustee(s);
• to deal with property over which the trustee has control; and
• for the benefit of beneficiaries who can enforce the duty.
KINDS OF TRUSTS
We have the following actors:
- the settlor – person who created the trust EXPRESS TRUSTS:
- the trustee – person who is holding the trust for the benefit of the beneficiary
- the beneficiary – who will ultimately benefit from the trust 1. Private trusts: must comply with three certainties
2. Charitable trust: does not have to comply with three
Ø Trustee holds legal title, BUT DOES NOT OWN THE PROPERTY certainties
Ø Beneficiary is the own who has the interest in the property = true ownership of the
property. IMPLIED TRUSTS:
1. Resulting trust: equitable ownership in property jumps back to
settlor
2. Constructive trust: by operation of law to achieve justice
3. Statute: set up. By Acts of Parliament
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