Express trusts-trusts laws and accounts, Financial Accounting

EXPRESS TRUSTS

Creation:
An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart)

Completely and incompletely constituted trusts:
In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested in trustees for the benefit of the beneficiaries. Where there is merely a contract or covenant to create a trust, the trust is said to be incompletely constituted

Form:
No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust

The three certainties:
A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects.

Absence of the certainties

  • In the absence of certainty of words the donee generally takes beneficially.
  • In the absence of the other certainties there is generally a resulting trust in favour of the settlor or his estate.
Posted Date: 12/13/2012 5:41:59 AM | Location : United States







Related Discussions:- Express trusts-trusts laws and accounts, Assignment Help, Ask Question on Express trusts-trusts laws and accounts, Get Answer, Expert's Help, Express trusts-trusts laws and accounts Discussions

Write discussion on Express trusts-trusts laws and accounts
Your posts are moderated
Related Questions
1. What is the internal rate of return for a project that has a net investment of $150,000 and net cash flows of $40,000 for 5 years? 2. Using the profitability index, which of

Time for disclaimer The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as th

Q. Decisions about managerial remuneration packages? In recent years there has been an improved emphasis on decisions about managerial remuneration packages being removed from

Q. Explain the Matching Principle? Matching Principle - A basic concept of basic accounting. In any one given accounting period, you must try to match the revenue you are repor

The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives

WHAT IS dEPRECIATION?

what are five modern financialaccounting techniques

I would like you to take the second set of data from session 8 (the one you worked with in the first participation exercise) and do the following: 1.  Determine the number of gr


In the spring of each year, Steinbrook College's theater department puts on a contemporary play. Before the performance, the theater manager instructs student volunteers in their d