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64806
SECRET TRUSTS
Description
Degree Equity and Trusts Mind Map on SECRET TRUSTS, created by costafortune on 01/05/2013.
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equity and trusts
equity and trusts
degree
Mind Map by
costafortune
, updated more than 1 year ago
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Created by
costafortune
over 11 years ago
252
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Resource summary
SECRET TRUSTS
3 required elements
Intention
Communication
Acceptance
Either expressly or by acquiescence OTTOWAY V NORMAN
WALLGRAVE V TEBBS Effective terms must be communicated, within testators lifetime
If terms not communicated will be a resulting trust RE BOYES
Communication must be of a legally binding obligation not just a moral obligation. McCORMICK V GROGAN
Must show intention or trustee will take absolutely
If trustees won't take on secret trust will result back
Once trust established if add extra property or beneficiaries
RE COLIN COOPER
Must be communicated to and accepted by trustees
Problems with co-owners
Tenants in Common
Joint Tenants
RUSSELL V JACKSON survivorship if not told at all, take absolutely
If 1 JT told prior to execution of will, ALL JT's will be bound
If told after execution, will only be bound if accept
RE STEAD If only 1 trustee informed, then only 1 is bound. Must be informed in testators lifetime
Death of Beneficiary
Trust operates outside of a will so property will pass to deceased beneficiaries next of kin
RE GARDNER
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