Wills, Probate and Trusts

Trust

What are Trusts

What are trusts? Trust is a relationship in which person A sets up/declares a trust and transfers property to Person B for the benefit of person C. Person A is referred as Settlor (who sets up or declares a Trust) Person B is referred as Trustee (he/she holds the trust property) Person C is referred as Beneficiary (for whose benefit the trust is declared/established)...Read More

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Secret Trusts

Secret Trusts are formed for a number of reasons. Most commonly they are used to provide for illegitimate children, mistresses, tax avoidance, to hide the identity of the true beneficiary but most importantly, they are formed where a person tries to dispose of their property or sets up a trust orally and ignore the requirements of a written will...Read More

Wills, Probate and Trusts

Maintenance and Advancement

Maintenance is the power to give part of the trust income to the beneficiary before a beneficiary acquires the trust property on the fulfilment of the condition set up in the trust. For example, attaining a certain age, getting married, or any other condition imposed by the trust instrument....Read More

Wills, Probate and Trusts

Tracing

The purpose of Tracing: Beneficiaries can “follow” trust property, or its value, into the hands of anyone to whom it has wrongfully passed. This will be useful if the trustee has become insolvent and it is not possible to fully recover misappropriated trust money from him in a personal action. Read More

Wills, Probate and Trusts

Formalities required for transferring property

Property can be a real property such as land, grounds, buildings and rights over lands or it can be personal property which includes cars, jewellery, paintings shares, bank accounts, patents, trademarks etc. To transfer each one of them requires formalities to be fulfilled if the formalities are not met then the transfer into a trust or transfer as a gift will fail....Read More

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Duties of Trustees and Rights of Beneficiaries

Duties of Trustees: Trustees stand in a fiduciary(trustworthy) relationship to beneficiaries but are neither their servants nor agents. Trustees must follow the terms of the trust and act exclusively in the interest of the trust. Trustees are not entitled to make any personal profits from the trust, compete with the trust or use the knowledge gained during their work as trustees for their ...Read More

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Variation of Trust

Variation of Trust: A variation involves ending the current trust, changing its terms or even setting up a new trust. Adult Beneficiaries Where beneficiaries are all of the sound mind, over 18 years of age, all agree to and between them entitled to the whole of the trust fund, they may bring the trust to an end and dispose of the trust property as they wish....Read More

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Classification and Types of Trust

Types of trusts: Express Trusts, Fixed Trusts, Discretionary Trusts, Secret Trusts, Bare/Simple Trusts, Resulting Trusts, and Constructive Trusts etc. In Private trusts, the beneficiaries are human beings. Example Simon declared a trust for the benefit of his son Mike and daughter Elisa, appointed his best friend Adam as a trustee. Simon had transferred his house, car, saving and Shares into the trust. This is a private trust....Read More

Wills, Probate and Trusts

Unincorporated Associations, Trust for Monuments, Graves and Animal

Many clubs and societies are unincorporated such as sports clubs, social societies, student societies etc. They hold no legal status and are not recognised as in existence by the law. However, to overcome such difficulties Unincorporated Associations are allowed to operate as Trusts. The trustees hold the property of the club on Trust as long as it satisfies t...Read More

Wills, Probate and Trusts

Appointment of Trustees

he person who is setting up a trust (testator/settlor) is free to select whoever he/she wishes to as a trustee. Any human being can be a trustee except a minor. Minor is someone under the age of 18 years. Minor cannot be a trustee of Land as well. A trust instrument will often indicate who has ...Read More

Wills, Probate and Trusts

Requirements for establishing a Trust

Requirements for trust, the settlor ( the person who is setting up the trust) must satisfy these conditions often known and referred as three certainties : Certainty of intention Certainty of object Certainty of subject Impact of lack of Certainties...Read More

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Charitable Trusts

Charitable trusts are special purposes trusts and it is required that any charitable trust must be for the benefit of general public. They are governed by the Charity Commission’s rules and regulations, any disagreement with Charity Commission is decided by the Courts....Read More

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Protective and Discretionary Trust

The purpose of a protective trust is to make provisions for a principal beneficiary(PB), but to protect the trust from dissipation if the PB is irresponsible/unlucky and threatens to run up debts or disposes of the trust property to another person and away from his family. The most common determining event is bankruptcy....Read More

Wills, Probate and Trusts

Breach of Trust and Remedies

Requirements for trust, the settlor ( the person who is setting up the trust) must satisfy these conditions often known and referred as three certainties. A breach of trust occurs where a trustee fails to comply with his duties, laid out expressly in the trust instrument or under the general law. Breach of trust indicates a failure to meet the duty of care by the trustees. The standard of care expected from trustees is an..Read More

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Wills, Intestacies and Joint Wills

A Will provides that a deceased person’s property is to be distributed among people intended to benefit. For these provisions to be effective it is essential that the property subject to them be described and identified clearly. The policy of the law is that it is unfair to impose on an executor the burden of distributing property unless it is known exactly what that property is. ...Read More

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Writing a Will

In English law, a person is entitled to leave his/her personal and real property to anyone he/she would like. Property includes agricultural and non-agricultural land, buildings, homes, cash, bank accounts, jewellery, car, investments, shares, stocks, paintings etc. ...Read More

Wills, Probate and Trusts

Requirements of a Effective Will

Wills are regulated under Wills Act 1837. Every Will maker has to follow certain requirements to give effect to his/her Will. In this article, we will explore these requirements. This is a useful guide for somebody who is writing a Will by him or herself. ...Read More

Wills, Probate and Trusts

Revocation of Will

A person can revoke his Will anytime by writing a new Will during his lifetime. A new Will will revoke the old Will. The Will is also revoked if the person marries, enters into a civil partnership or orders its destruction.Revocation can be express as a clause in the new Will. Any new valid Will or codicil (amendment), will automatically invalidate the whole or part of the old Will. ...Read More

Specific: The property is identified

Residuary: what is left of the deceased’s property when debts, taxes and identified gifts have been paid

Donor: who provides a gift

Donee: (receiver of the gift)…Read More

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