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

Assignment Help:

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.

Related Discussions:- Half secret trusts-secret trusts-trusts laws and accounts

What is the average rate of return on investment, a company is evaluating a...

a company is evaluating a project requiring capital expenditure of 620,000. estimated life of project is four years and no salvage value. estimated net income and net cash flow fro

Financial transaction reports , Answer both parts in this task. Part (i) is...

Answer both parts in this task. Part (i) is worth a maximum of 10 Marks, while part (ii) is worth a maximum of 5 Marks. (i) Minnie owes Micky Mouse $500 and hands him a cheque p

Dividend, Between 1986 and 2000 Textron dividend changes were described by ...

Between 1986 and 2000 Textron dividend changes were described by the following equation: DIVt " DIVt"1 ! .36(.26 EPSt " DIVt"1) What do you think were (a) Textron’s target payout r

Accounting for PPE, Acquisition of Assets: The cost method of accounting is...

Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is determined as the fair val

The time value of money , Calculate the present value and determine the npv...

Calculate the present value and determine the npv, Financial Management. Assume today is 3 December 2009. Helen is 30 years old and has a Bachelor of Business. She is currently em

Management and operational control, Management and operational control: Co...

Management and operational control: Cost of goods sold and gross margin analysis, profit as net income analysis, operating expense analysis, contribution analysis and analysis of

Find out the prize of current prize stock, The current stock price of IOU i...

The current stock price of IOU is $250 and has a standard deviation of 35% per year. The risk-free interest rate is 5% per year compounded continuously. Find the prices of a call a

Equity, How do you report a note in exchange for treasury stock

How do you report a note in exchange for treasury stock

Sales, what is recorded sales on account of 3,280

what is recorded sales on account of 3,280

Business during year, No.         Account Title                         ...

No.         Account Title                                                                                     Debit                     Credit 101         Cash . . . . .

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