Fully secret trusts require communication and acceptance before the death of the testator — half secret trusts require communication including the terms and acceptance before the execution of the Will.
Accretion on death was inherent in the beneficial interest in any asset being held by joint tenants . The wording of the problem is quite vague as it is not clear where the profit comes from. Search our thousands of essays: Trusts Law — Text and Materials 3rd Edition, pg.
Are secret Equity and trust essays necessary to prevent fraud? To plead absence of the Wills Act formalities as a defence and thus claim the gift is outright, would be to use statute as an instrument of fraud, and would be against the equitable maxim.
They also offer flexibility — property can be left to trusted friend or solicitor whilst retaining ability to decide on ultimate distribution. Secret trusts are arguably useful as a will is public document and a testator may wish to keep a gift secret from family perhaps to avoid upset.
Hence, they have no legal personality, existing in their own right and cannot own property. It is however difficult to see the difference between this and a fully secret trust, where the testator can choose his secret beneficiary at any time up to his death — surely also ignoring the provisions of the Wills Act.
This is difficult to grasp as with a fully secret trust, the Will states that the gift to X is outright and only the terms of the trust alter this. Adopting a purposive approach, modern legislation is in place to protect both testators and beneficiaries from fraud — it seems illogical, unjustified and inconsistent that the secret trusts should be allowed to escape the provisions of such legislation.
Are secret trusts testamentary in nature? About this resource This Law essay was submitted to us by a student in order to help you with your studies. Control of Trustees — A: If there is evidence in the Will but no indication of the terms or the ultimate beneficiary, it is half secret. Control of Trustees — D: Therefore, under Equity and trust essays authority of Re West Sussex where the makers of the donations were identifiable, the donations could be returned.
These groups are not covered by the Companies Act Each of us is qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to your essay question.
Intention The Testator must intend that the property be used in accordance with a direction. It is also possible that a secret trust arises where in reliance on a promise to implement the trust by X, no Will is made Strickland v Aldridge 9 Ves REF1.
The courts have been prevented by precedent and English legal tradition from saying that an unincorporated association is capable of owning property yet various alternative ways have been constructed by the courts in an attempt to save the transfers made to unincorporated associations.
I wrote this essay a long time ago when I was studying and the law may be out of date. For help formatting your citations and bibliography, try Citations Guru. Maudsley disagrees, pointing out that with a half secret trust, fraud is rarely an issue as the trust is apparent from the Will and there is no possibility that the legatee can keep the Property although the intended beneficiary may not get it where terms are not clear — Maudsley, pg.
Controlling the Trustees, Manual 4 Units 23 — 32 — W Where the terms of the trust have not been communicated properly but the trust is proved to exist Re Boyes, REF5the legatee will hold the property for the benefit of the residuary beneficiaries or those entitled under intestacy rules.
Where there are no rules, a term can be implied under the authority of Re Bucks which will normally divide the rights up equally among those who were members at the time of the dissolution  - Albert and Bertram, although it is less likely to be the case.
Do secret trusts operate outside the Will? However, under a more recent authority Lewison J considered that for the Crown to seize property would offend against Article 1 of the First Protocol of the European Convention on Human Rights which provides that no one is to be deprived of their possessions except in the public interest and subject to the conditions provided by law.
Just complete our simple order form and you could have your customised Law work in your email box, in as little as 3 hours. However, there seems to be a large division in opinion between the rules for secret trusts and half secret trusts.
Essay UK - http: It seems clear there is no justification for this loophole in the law — if secret and half secret trusts are accepted, why not accept improperly executed wills and incomplete land transfers?
Protective Trusts, Manual 4 Units 23 — 32 — W Under this approach, the profit would not be a trust but a contract as the people got everything they paid for and there was no intention on their part to make a direct contribution to the fund at all.
In relation to legacies, Goff J considered that they were separately identifiable for the other property and therefore capable of being returned to their donors. The next issue arising is that the association is obviously not a company and so it is an unincorporated association. It is more likely the case that Albert and Bertram have sufficient control so that they can choose to wind up the association and divide the funds between them.
Control of Trustees — B: The general rule is that trusts for non-charitable purposes are void, as well as transfers for abstract purposes  something which is not permitted under the beneficiary principle stating that for a trust to be valid it requires that there be some individual or corporate entity in whose favour the court would be able to exercise the trust.Published: Mon, 15 Jan The first step we should attend to briefly is to define what a trust is.
Simply put, a trust is a relationship under the law of equity  that arises when one person (the settlor) vests the legal title in another person (the trustee) for the benefit of a third-party called a beneficiary.
The trustee holds the legal title and the beneficiary. It is said that equity 'supplements' the shortcomings of the common law, but if that is correct it is nevertheless the case that equity only supplements the.
Equity and Trusts Essay. For Later. save. Related. Info. a seemingly sufficient certainty of subject matter and I contend that there was sufficient evidence to manifest a trust which the courts of equity could have upheld.”23 This essay submits that it appears that the courts have ‘shot the wrong beast’ as the settlor’s intentions.
1. Introduction 1. Equity and Trusts * Equity is a particular body of law, consisting of rights and remedies, which evolved historically through the Courts of Chancery to mitigate the severity of the common law. Equity and Trusts * Equity is a particular body of law, consisting of rights and remedies, which evolved historically through the Courts of Chancery to mitigate the severity of the common law.
* The trust has been characterised as the greatest and most distinctive achievement in equity although an exact definition of the trust has proven difficult.
Equity and Trust in UK - Consider the validity and effect of the following two clauses in the will of Dan: a) ‘I leave my cottage, at 42 Drumsesk Road, to my friend Gurpreet in full confidence that he will dispose of it in accordance with the .Download