Fully secret trusts-secret trusts-trusts laws, Financial Accounting

Fully secret trusts

This is where neither the existence nor the terms of the trust are disclosed in the will.

The trust will be enforced only if the following conditions are complied with.

1) The testator must leave property by will to the secret trustee apparently for his own benefit;

2) The testator must tell the secret trustee that he wants him to hold the property on trust for the secret beneficiary: this communication must take place during the testator's lifetime: but whether it is before or after the date of the will is immaterial;

3) The secret trustee must promise to carry out the testator's intention: such promise may be express or implied: silence after hearing the testator's intention will normally be treated as an implied promise (moss v cooper);

4) The testator's decision to make a disposition in favour of the secret trustee or to leave an existing disposition unaltered must be made on the faith of the secret trustee's promise;

5) No trust will arise if the alleged trustee only learns of the alleged trust after the testator's death (wallgrave v tebbs).

Posted Date: 12/13/2012 5:57:41 AM | Location : United States







Related Discussions:- Fully secret trusts-secret trusts-trusts laws, Assignment Help, Ask Question on Fully secret trusts-secret trusts-trusts laws, Get Answer, Expert's Help, Fully secret trusts-secret trusts-trusts laws Discussions

Write discussion on Fully secret trusts-secret trusts-trusts laws
Your posts are moderated
Related Questions
During the fourth quarter of 2006, Cablevision, Inc., generated excess cash, which the company invested in securities, as follows: On Nov. 12 purchased 1,000 shares of common st

Cashflows from operating activities  operating activities are the principle revenue generating activities of the business and examples of such cashflows include: Cash re

Illustration of Admissions and Retirements Jim and Ken have been trading in partnership for several, sharing profits or losses equally after allowing for interest on their capi

#questionBroadway Scripts is a service-type enterprise in the entertainment field, and its manager, Joe Numbers, has only a limited knowledge of accounting. Joe prepared the follo


evaluate the importance of leverage in financial management of a small scale company

An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq

like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?


wrote check to purchase law books for 2500 what 2 accounts