Half secret trusts-secret trusts-trusts laws and accounts, Financial Accounting

Half secret trusts

In this type of trust the will states that the gift is on trust, but the name of the beneficiary is not specified. Since the existence of a trust is disclosed, the trustee is unable to claim the property for himself. The following points should be noted:-
 
1) Evidence tending to establish a half-secret trust is inadmissible if it contradicts the terms of the will (Re Keen);

2) Communication of the trusts to the trustees will be ineffective if it takes place after the will has been executed (Johnson v Ball);

3) Where there is no proper communication to the trustees, the property belongs to the residuary legatee or, if no such person, the testator's next of kin (Johnson v Ball).

Note: Secret trusts operate outside the will. Thus:

  • A beneficiary under a secret trust does not lose his interest if he witnesses the will or if he predeceases the testator;
  • Where a secret trustee predeceases the testator, the legacy and the trust fail.
Posted Date: 12/13/2012 6:00:12 AM | Location : United States







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

Write discussion on Half secret trusts-secret trusts-trusts laws and accounts
Your posts are moderated
Related Questions
Income Statement Preparation The following information is taken from the records of Wadley's Car Wash for the year ended December 31, 2012. Income taxes . . . . . . . . . . . . .

Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the reg

Calculation of Profitability ratios  -                     2008 2009 2010 G Net Sal

Since 1968, Dracula Limited has traded in Doncaster, South Yorkshire as a manufacturer of fancy-dress and theatrical costumes. It produces a wide range of general theatrical costum

Illustration of Admission of a new partner XYZ have been trading as equal partners having capital contributions of £300,000, £250,000 and £200,000 respectively.  They  agreed

For a capital lease the lessee records the lease payments as rent expense, but for an operating lease the lessee reports the lease payments as depreciation expense For an operating

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

Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co

what is the process to complete my debtor management project.

petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.