Form-express trusts-trust laws and accounts, Financial Accounting


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 or by his will:

The following points should be noted:

1) Applies to "land or any interests therein".  No writing is necessary to create an inter vivos trust of pure personality.

2) This does not affect the creation or operation of resulting, implied or constructive trust;

3) A trust caught by this provision need not be declared by writing; it need only be evidenced (i.e. proved by some writing);

4) Absence of writing does not render the declaration of the trust void, merely unenforceable;

5) The writing must contain all the material terms of the trust;

6) The writing must be signed by some person who is able to declare the trust: the signature of an agent is unacceptable;

7) A trust of any property to arise on death must be created by will.

Posted Date: 12/13/2012 5:48:01 AM | Location : United States

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

Write discussion on Form-express trusts-trust laws and accounts
Your posts are moderated
Related Questions
Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th

Mark up Mark up is defined as the rate of gross profit to cost of sales: Mark up = Gross Profit                Cost of sales Margin is defined as the rate of gros

Q. Given the following data, what is net income?  (Note: Not all items shown below will be included in income.) Cost of Goods Sold 8 Accoun

Problem on balance sheet: At the beginning of 20X2, Dahl Ltd. acquired 8% of the outstanding common shares of Tippy Ltd. for $400,000. This amounted to 80,000 shares.  At th

What points is necessary to meet users requirements To meet these users' requirements, it can be argued that accounting information must possess certain key qualities, or chara

speciman of accounts preparation in stock and debtor system.

Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all

Trust - Ancient legal practice where one person (GRANTOR) transfers the legal title to an ASSET, known as principal or corpus, to another person (the TRUSTEE), with specific instr

I am taking  finance class. Our books is John C. Hull 2nd edition Risk Management and Financial Institutions.  Our HW  are from this book. I have four questions I need help with.

make journal entries required to dispose off over or under applied manufacturing overhead assuming it is allocated among work in process, finished goods and cost of goods sold ba