Subjects under Monash University
Document Details

Trusts Concise Exam Notes

User Description:
These are Trust Notes from 2016. These notes have been shortened and distilled, with all of the important cases summarised with a couple of lines.

Thinkswap Satisfaction Guarantee

Each document purchased on Thinkswap is covered by our Satisfaction Guarantee policy. If you are not satisfied with the quality of any document, or you believe the document was incorrectly described or categorised, Thinkswap will provide a full refund of exchange credits so you can check out another document. For more information please click here.

This student studied:
Claim a Thinkswap Bounty

Do you know if the Subject listed above has changed recently? Click report to earn free Exchange Credits!

Document Information:
31 Pages Complete Study Notes 1-2 Years old
Share

5 Ex Credits


Document Screenshots:
Topics this document covers:
Law Equity English trusts law Property law Inheritance Common law Trust law Express trust Settlor Barclays Bank Ltd v Quistclose Investments Ltd Resulting trust Discretionary trust
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

What are Exchange Credits:

Exchange Credits represent the worth of each document on Thinkswap. In exchange for uploading documents you will receive credits. These can then be used to checkout other documents on Thinkswap.

Topics this document covers:
Law Equity English trusts law Property law Inheritance Common law Trust law Express trust Settlor Barclays Bank Ltd v Quistclose Investments Ltd Resulting trust Discretionary trust
Sample Text:
Elements of an express trust (Knight): • 1. Certainty of intention • 2. Certainty of subject matter (trust property) • 3. Trusts, powers and certainty of object (beneficiary/purpose) • 4. Quistclose trusts • 5. Charitable trusts • 6. Statutory formalities under PLA s53-55 • 7. Full constitution (only relevant for trusts by transfer) • 8. Trustee’s Duties • 9. Defences and limitations on liability • 10. Trustee’s Rights • 11. Rights of Beneficiaries • 12. Remedies for breach trust FIRSTLY NOTE WHAT TYPE OF TRUST IT IS – TRANSFER OR DELCARATION. 1 ________________ Certainty of intention to create a trust ‘X’ will try to show there was an intention t...
Similar Documents to Trusts Concise Exam Notes

Principles of Trust Exam Notes

This student studied:
Monash University - LAW5010 - Principles of Trusts

Topics covered: Certainty of intention, Certainty of object Test Fixed Trust, Discretionary Trust, Certainty of subject matter, Trust must be constituted, Present legal property, Equitable Assignment rules, Statutory Formalities, Charitable Trusts, Quitclose Trusts, Doctrine of Cy-pres, Trusties Duties and Defences, Trusties Fiduciary Duties, Defences and limitations of liability, Right to reimbursement from beneficiaries, Rights of Beneficiaries, Remedies for breach of trust. There must have been an intention to create/declare a trust (Korda). This is an objective test (Byrnes), and subjective intentions are irrelevant (Twinsectra per Lord Millett). ____, the settlor must have indicated by words or conduct that s/he intended to create a trust (Byrnes). In this case ___will argue intention was indicated by _____(Formal written document – trust deed?/ Informal written words?/ Oral?) 1. PUBLIC OR PRIVATE? About persons = private trusts - For the benefit of an individual or small group of persons About a purposes = public trusts - For the benefit for a section of the public or are charitable in purpose 2. FIXED INTEREST OR DISCRETIONARY? Categorized by the nature of beneficiaries interest Fixed interest trusts • Must specify the interests of the beneficiary • Trustee has no discretion. • For example, in a testamentary trust, ‘pay income to A for life and then to divide the capital equally between B, C and D on A’s death’. • Beneficiary of a fixed trust has a proprietary interest in trust asset. • Interest may be ‘vested’ or ‘contingent’. • A’s interest is vested but of limited duration (life interest). B, C and D’s interest is contingent – vests on A’s death. Discretionary trusts • The list of possible objects is given and the trustee has discretion to distribute the trust among them ‘the special power of appointment’ • Share of beneficiaries’ interest is determined by the trustee within limits set by settlor. • Beneficiaries have no interest in the trust property unless and until the trustee elects to exercise the discretion, interest is a mere expectancy. • Potential beneficiaries better described as ‘objects’ of the trust. • For example, S transfers $100,000 to T, and gives the following instructions: ‘T is to hold the money on trust, paying the income earned from investing the money to such of my children as she sees fit from time to time, and upon my youngest child turning 18 paying the whole to such one or more of my children as she sees fit.’ 3. INTER VIVOS OR TESTAMENTARY? Inter vivos – settlor alive: The trust was created during the settlors lifetime Testamentary – testator died: The trust was created by the testator’s will & will only come into effect upon their death. WHAT IS THE STRUCTURE OF THE TRUST IN QUESTION? Is there a clause in the trust deed that says “declare” or “transfer”? 1. Trust by transfer - The settlor vests property in a trustee, subject to an equitable obligation to hold the property for the benefit of the beneficiary S –T to B 2. Trust by declaration - Self-declaration: The settlor owns property, and declares that from then on, the settlor holds it on trust for the object (beneficiary/purpose); S / T to B 3. Testamentary trust - Testator establishes a trust in their will –leaving a life tenant to on B and a remaindermen CONCLUSION – use what you circled above ____ is attempting to create a __(creation method/ structure)____, where ____ is the trustee and______ are the beneficiaries. In order for the equitable interest to pass to B it must first be established that the trust is valid. Onus of proof is upon ______ as they are the person wanting to prove the trust (Hyphonie). But if the language is unambiguous onus shifts to the other party to prove that the trust did not exist.

5 Ex Credits

View Details

LAWS2385: Express Trusts

This student studied:
University of New South Wales - LAWS2385 - Equity and Trusts

Concise notes covering express trusts. Includes the necessary readings for the topic.

5 Ex Credits

View Details

Full Exam Notes for Trusts

This student studied:
Murdoch University - LLB353 - Trusts

Notes based off lectures and readings. Includes case studies and tutorial notes. Includes processes to answer exam questions. Full set of exam notes.

5 Ex Credits

View Details

Property Equity and Trusts Exam Notes

This student studied:
Flinders University - LLAW2214 - Property Equity and Trusts

Full Semester Exam notes, covering terms, express, resulting and constructive trusts, including how to solve, and complete constitution.

5 Ex Credits

View Details