Overview . It is sometimes referred to as a family trust in Australia or New Zealand. The Three Certainties. Introduction to trusts.
The trustee’s dispositive duties under a trust require the trustee to dispose of the trust property in accordance with the terms of the trust. Introduction. Under a discretionary trust, the trustee may have a discretion as to the precise value of the beneficiaries’ entitlement, or as to whether certain beneficiaries receive anything at all. The trust. Certainty of subject matter.
A trust is an obligation which binds a person (or persons) to deal with property for the benefit of beneficiaries or for a charitable purpose in accordance with the terms of the trust (Chetcuti Cauchi Advocates, no date). Breach and Liability. For discretionary trusts, it is important to have certainty of objects so the trustees know who to consider when deciding how to distribute the trust property. Originally the test for discretionary trusts was the same as that for fixed trusts – the ‘complete list test’. Rule against perpetuities. Therefore, all the settlor expects, is that the trustees carry out an appropriate survey of the class, so there is no need to be draw a complete list. A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. Constitution and formalities. Tracing. Lord Denning in Re Vandervell’s Trusts (No.2) [1] stated: “It is clear law that a trust (other than a charitable trust) must be … Digestible notes on trusts law. Breach, remedies, and defences. This reflects the aim of discretionary trusts, which is to allow trustees to use their discretion in deciding who should benefit under the trust, and in what proportions. A) Certainty of Objects for Discretionary Trusts. Where the discretionary trust is a testamentary trust, it is …
Strangers to a trust. Certainty of objects .
Charitable Trusts. Certainty of intention. Unincorporated Associations . It can come into existence in any manner, by an instrument in writing (including a will), by a unilateral declaration, by operation of law and also by oral declaration.
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