67664
Description
Mind Map by costafortune, updated more than 1 year ago
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Created by costafortune
over 11 years ago
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TRUSTS & POWERS
- TRUST - Obliges a person to do something
- Power - Enables a trustee to do something
- Exhaustive trusts must be exhausted within a specified time
- Non exhaustive - Trustees can consider
whether or not to exercise their discretion
- Beneficiaries cannot compel trustees to
exercise their discretion
- Trustees can be compelled to exercise
their obligations
- McPHAIL v DOULTON - Raised 2 questions
- Was this a power or discretionary trust?
- Was it void for uncertainty of objects?
- Applied the test from RE GULBENKIAN - Is it
possible to say, with certainty, whether
someone is or is not a member of the class?
- Conceptual Uncertainty - Words must
sufficiently define the class which the
settlor intends to benefit
- Evidential Uncertainty - on a matter
of evidence can specific persons
prove that they are members of that
class?
- Evidential Uncertainty - on a matter
of evidence can specific persons
prove that they are members of that
class?
- Conceptual Uncertainty - Words must
sufficiently define the class which the
settlor intends to benefit
- Applied the test from RE GULBENKIAN - Is it
possible to say, with certainty, whether
someone is or is not a member of the class?
- Was it void for uncertainty of objects?
- Was this a power or discretionary trust?
- RE HAYS SETTLEMENT TRUSTS
- Hybrid power and discretionary trust to distribute to
anyone but settlor and her spouse, power effective but
not trust as administratively unworkable
- Discretionary trust - trustee must survey the
class before deciding on distribution
- Apply for Benjamin order if one of the
beneficiaries is missing
- Discretionary trust will not fail simply because it
cannot ascertain every member of class
- RE BADEN'S DEED TRUST (NO2) Person must be able to
prove that they are in the class, but discretion still lies with trustee
- Width of the class may cause discretionary trust to fail
even if class is conceptually certain
- A power is unlikely to fail for administrative unworkability
- RE MANISTY'S SETTLEMENT - Power cannot be void for number of
people involved only, only if terms are capricious (show no sensible
intention)
- R v DISTRICT AUDITOR - administratively
unworkable but conceptually certain. Not a valid
trust as class was 2.5 million so too wide.
- R v DISTRICT AUDITOR - administratively
unworkable but conceptually certain. Not a valid
trust as class was 2.5 million so too wide.
- RE MANISTY'S SETTLEMENT - Power cannot be void for number of
people involved only, only if terms are capricious (show no sensible
intention)
- A power is unlikely to fail for administrative unworkability
- Width of the class may cause discretionary trust to fail
even if class is conceptually certain
- RE BADEN'S DEED TRUST (NO2) Person must be able to
prove that they are in the class, but discretion still lies with trustee
- Discretionary trust will not fail simply because it
cannot ascertain every member of class
- Apply for Benjamin order if one of the
beneficiaries is missing
- Hybrid power and discretionary trust to distribute to
anyone but settlor and her spouse, power effective but
not trust as administratively unworkable
- Conditions subsequent and precedent
- RE ALLEN - son had to be a practicing member of
CofE when father died, he benefitted
- Subsequent - Must indicate what would constitute the
occurence of the condition subsequent
- Subsequent - Must indicate what would constitute the
occurence of the condition subsequent
- RE ALLEN - son had to be a practicing member of
CofE when father died, he benefitted
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