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Constitution and Formalities - Coggle Diagram
Constitution and Formalities
Express Trust
2 ways to create valid trust (Milroy v Lord)
i) absolute owner declares themselves trustee
effectively created if:
person with legal title holds property free of any existing trust
declares themselves trustee in favour of specified beneficiaries
no need for transfer (they retain legal tittle, just no longer absolute owner)
ii) absolute owner transfers property to trustee on trust
effectively created if:
transfers the property to someone else to hold as trustee for beneficiaries
after transfer occurs - beneficiaries enjoy equitable interest
original owner ceases to have any interest in property
Certainties
Intention
Property
Beneficiaries
Constitution
Formalities
land
2 more items...
personal property
1 more item...
sub-trust
trust will only come to existence if property is vested in the trustee
1) declaring the trust
2 more items...
2) transfer of property
6 more items...
if either fails then trust incompletely constituted
formalities
1 more item...
beneficiaries' remedies
settlor has promised to create trust but not fulfilled requirements
'equity will not assist a volunteer'
3 more items...