Equity &Trusts

Marvin (M) has made a number of provisions not change surface up out in his testament. Despite non-compliance with S9 Wills behave 1837, a cabalistic corporate perpetrate or half recondite trust go away be valid if certain requirements atomic number 18 met. Free consume Cottage In his bury made in January 2004 M wrote I give my free possess bungalow to Georgina (G) and Tom (T). In February 2004, M makeed G if she and T would hold the bungalow on trust for Louisa (L). Since there is no denotation on the face of the ordain that a trust exist, the requirements ask for a affluenty secret trust to be apply moldiness be met. 1. The reality and basis of trust must be fully communicated to the intended trustee/s. (Wallgrave V Tebbs, Re Boyes) during the testators lifetime. 2. The trustee/s must constitute trustworthy the trust (Moss V Cooper). 3. The testator must provoke relied on the bankers acceptance (Moss V Cooper). Applied to t he facts it is clear that M has communicated the existence of the trust and the terms to one of the intended trustees (G) during his lifetime. It is declared that G agreed, although she did not tell T. M has relied on the acceptance by leaving the cottage to G and T in his will. Although as a general rule, only G will be bound by the terms of the trust since Ts conscience is not affected (Re Stead).

T may be bound if the cottage was given to G and T as joint tenants and one joint tenant was told originally the will was signed (Re Stead). Although there is no suggestion of distinguish shares to the cottage (i.e. no words of severance) and it accordingly appears that G and T ar e joint tenants, G was not told of the exist! ence of the trust until a month after the will was signed. Only G therefore will be bound by the terms of the trust, T could therefore keep a share of the cottage to himself. hotshot potential difficulty with the trust is that under S15 Wills Act 1837 a witness to a will cannot benefit. It is stated that L to whom M wished the cottage to be kept in trust for, was a witness to the will. However, in...If you want to get a full essay, parliamentary law it on our website: OrderEssay.net

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