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

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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







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