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
Q. What are the financial statements? Significant Accounts - An account is significant if there is more than a remote likelihood that account could include misstatements which

#question.DISCUSS THE APPLICABILITY OF AN OPERATING CYCLE IN POULTRY BUSINESS.

The optimal distribution policy strikes that balance between current dividends and capital gains that maximizes the firm's stock price

Q. Explain Statement of Financial Condition? Statement of Financial Condition -Elementary FINANCIAL STATEMENT, generally accompanied by appropriate DISCLOSURES which describe t


A summary of Jarvis Company's December 31, 2013, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Gro

define law including contract and bankruptcy

Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporat

Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com

Personal Property - Movable property which isn't affixed to land (REAL PROPERTY). Personal property comprises tangible items likecars, cash and computers and intangible items, like