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

Assignment Help:

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).


Related Discussions:- Fully secret trusts-secret trusts-trusts laws

Accounting and finance, I want you guys to make my assignment of 2500 words...

I want you guys to make my assignment of 2500 words please let me know the price and I din''t have time I want it by tomorrow

What is demands for grants, Q. What is Demands For Grants? The budget p...

Q. What is Demands For Grants? The budget proposals of the expenditures to be met out from the "Consolidated fund of India" should be presented in the form of Demands for Grant

#title, A company produces 2 modules of mobile phones. 1.Basic modle is sol...

A company produces 2 modules of mobile phones. 1.Basic modle is sold 5000/=, direct material cost 1250/=, requires 0.25h labour time. Produce unites 8000 per month. 2.smart model

Determine straight value and conversion value , Banana Computer has a perpe...

Banana Computer has a perpetual, convertible 7% annual coupon bond outstanding. The bond has a face value of $1,000 and has a conversion price of $40. The required return on an oth

Advise the directors of the entity, An entity had the following transaction...

An entity had the following transactions during the year ended 31 December 2010: The entity invested in a convertible bond on its issue date. The bond matures four years aft

Ed Mettway, Should Touring Enterprises consider liabilities as a part of it...

Should Touring Enterprises consider liabilities as a part of its permanent financing? Why or why not?n #Minimum 100 words accepted#

Accounts required and their purpose-branches, Accounts required and their p...

Accounts required and their purpose a. Branch Current Account (Head Office Books) Records all transactions branch and head office; The balance represents the investmen

Capital expenditure as a percentage of total asset, Analyze one completed M...

Analyze one completed M&A transaction from recent times There are two main requirements (1) an analysis of the strategic and economic rationale behind the merger, and (2) an analy

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd