By Far one of the most interesting But difficult topics i had done during this year, equity and trusts covers a lot of information and there is LOTS and LOTS of Case law to remember. I managed to secure a low 1st a mark of 72
Not my best exam however there was much more i could of wrote.
Documen...
Equity & Trust
LG1
Trust is an equitable obligation which binds a person (trustee) to deal with
trust property owned by him as a separate fund for benefit of another
(Beneficiaries)
• Equitable Obligation (DUTY) – imposed on a Trustee
• Deal with a Property
• For the benefit of a beneficiaries who can enforce the obligation
CREATION OF TRUST-
Two steps
1. Declaration of trust and
2. Settlor must transfer the trust property to the trustee.
The benefits will be saved up for or passed to the beneficiaries who own the
equitable or ‘beneficial’ interest.
The trustee transfers trust property to another in breach of trust
E.g- William sells the painting to Mr Lee and the beneficiary wants it
back,
The beneficiary can recover trust property from anyone who receives it in
breach of trust except somebody who is called (Equity’s Darling) i` n breach
of trust (BFPFVWN).
Will is valid under S.9 of the Will act 1837 and therefore must normally
be made in writing and the testator must sign it with two witnesses
present. Then the witnesses must sign the will in the testator’s
presence.
Johns interest is “Life tenant” interested is vested and from the facts
we can see it is a trust in income,
Sarah’s interest is vested when john dies, she will then get the trust
capital
Ademption: If the gift to Zena was valid it will be hers and if the gift is
not valid then it is given back to the estate.
Lapse: any type of gift in a will fails if the beneficiary dies before
(“predeceases”) the testator (subject to certain exceptions) – The gift is void.
Executors- Those people who are named under the will
Admin- When there’s no will, courts will appoint an administration
Examples of trusts-
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller he786. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £4.48. You're not tied to anything after your purchase.
