142:
25:
963:
s1(1)(b) Any person (whether ascertained or not) who may become entitled, directly or indirectly, to an interest under the trusts as being at a future date or on the happening of a future event a person of any specified description or a member of any specified class of persons, so however that this
848:
the income from property transferred is paid to one person, "the life tenant" (e.g. a widow/er), during their lifetime and thereafter is transferred to another person (who may take absolutely or a second life interest according to the terms of the trust, in the second case a third beneficiary would
1032:
Certain US jurisdictions and other jurisdictions have developed a radically different interpretation of the trust. Valid trusts can be established by persons who then continue to deal with property as if it were their own during their lifetime, the trust crystallising on death. Trust funds can be
859:
the trustees may pay out income to whichever of the beneficiaries they, in the reasonable exercise of their discretion, think fit. They will normally also have a power to pay out capital. They may have extensive powers, even to add new beneficiaries, but such powers may normally only be exercised
1014:
UK inheritance tax is payable at 40% on estates worth over £325,000 for the 2009-2010 tax year. If assets up to that value are placed in a discretionary trust during a person's lifetime, the trust will not be taken into account for inheritance tax if the person survives for a further 7 years.
860:
bona fide in the interests of the beneficiaries as a whole. Discretionary trusts must not be indefinite and are subject to 'the rule against perpetuities'. In New South Wales, the time prescribed is a statutory period of 80 years from the date the disposition takes effect.
1063:
964:
paragraph shall not include any person who would be of that description, or a member of that class, as the case may be, if the said date had fallen or the said event had happened at the date of the application to the court; or
908:
Certainty of intention: Must be real intention by the settlor to dispose of property and create trust, not just make a gift – a trust also can't be created contrary to the intention of the settlor alleged to have created it:
849:
come into play). The trustees may have power to pay capital as well as income to the life tenant. Alternatively, they may have rights to transfer ("appoint") property to other beneficiaries ahead of their entitlement.
990:
disadvantages of a discretionary settlement but can only be established for persons under 25 who must be entitled to income at that age. Allows the accumulation of income within the trust until 25.
884:
or may establish trusts or trust-like structures in jurisdictions which do not restrict non-charitable purpose trusts (e.g. Jersey trusts, Danish and US foundations and
Liechtenstein Anstallts).
840:
property transferred to another to hold e.g. for a third person absolutely. May be of use where property is to be held and invested on behalf of a minor child or mentally incapacitated person.
960:
s1(1)(a) Any person having, directly or indirectly, an interest, whether vested or contingent, under the trusts who by reason of infancy or other incapacity is incapable of assenting; or
974:
The Court does not have the power to consent to the variation of a trust on behalf of an ascertained individual who is sui juris.(Someone above the age of consent and of sound mind)
970:
s1(1)(d) Any person in respect of any discretionary interest of his under protective trusts where the interest of the principal beneficiary has not failed or determined.
762:
Often, a trust corporation or more than one trustee is appointed to allow for uninterrupted administration of the trust in the event of a trustee's resignation, death,
678:
868:
this is also a form of discretionary trust; trusts for a purpose (as opposed to for individuals) are generally invalid at common law however
723:. The trustee may distribute the property, or the income from that property, to the beneficiaries. Express trusts are frequently used in
1015:
Likewise in a will, many persons leave a legacy on discretionary trusts so as to take full advantage of their nil rate band (gifts to
759:) may be used. Where property is to continue to be held by the person making the trust, a "declaration of trust" will be appropriate.
783:
term meaning "thing") or subject matter of the trust, unless it is a charitable trust which does not provide specific beneficiaries.
1103:
916:
Certainty of subject:The property the subject of the trusts must be sufficiently ascertainable at the time the trust was created:
940:
is whether it can be said that a given individual is or is not a member of the range of objects (class): Re Baden’s Deed Trusts;
89:
671:
501:
61:
372:
770:
may be appointed who, for example, is authorized to appoint new trustees and to review the trustees' annual accounts.
108:
68:
1195:
305:
664:
291:
75:
46:
42:
743:, an express trust may even be established orally. Typically, a settlor would record the disposition, where
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133:
57:
1171:
1119:
225:
1214:
818:
567:
298:
1099:
1072:
1006:
A trust where, on the death of the life tenant, the property reverts to the person making the gift.
465:
1147:
1076:
873:
35:
1167:
773:
To be valid at common law, a trust instrument must ascertain its beneficiaries, as well as the
574:
494:
453:
167:
1187:
881:
240:
1163:
1135:
1068:
543:
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82:
8:
1139:
854:
460:
365:
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124:
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Law generally requires only a simple formality to create an express trust. In certain
893:
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703:, as distinguished from one inferred by the law from the conduct or dealings of the
1095:
889:
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798:
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218:
193:
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can be established to provide an income for persons who cannot be trusted with it.
1191:
987:
605:
579:
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652:
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312:
186:
1208:
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181:
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are an exception. Persons wishing to pass money to causes not recognised as
16:
Trust which is explicitly created and not inferred from the parties' conduct
804:
Certainty of property and objects (trust must be administratively workable)
740:
647:
640:
610:
233:
1020:
748:
747:
is to be held in trust or the value of property in trust is large. Where
720:
719:), who holds the property for the benefit of one or more persons, called
704:
600:
555:
326:
128:
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gave the courts the power to vary trusts in the following circumstances
141:
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A variation on the discretionary trust, the A&M does not carry the
835:
822:
763:
724:
620:
360:
150:
877:
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780:
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to property is being passed to a trustee, a "deed of settlement" or "
692:
526:
286:
198:
786:
To be valid in equity, a trust must satisfy the following elements:
24:
1064:
DKLR Holding Co (No 2) Pty Ltd v
Commissioner of Stamp Duties (NSW)
1016:
708:
630:
531:
998:
Similar to an A&M trust but established for a disabled person.
814:
716:
712:
536:
791:
821:
and rule against inalienability of income for longer than the
259:
797:
A declaration of trust or disposition on trust by a person
756:
635:
922:
Certainty of object:Beneficiaries must be ascertainable –
977:
947:
902:
1027:
49:. Unsourced material may be challenged and removed.
918:Herdegen v Federal Commissioner of Taxation (1988)
699:is a trust created "in express terms, and usually
1206:
1141:
829:
1053:Black's Law Dictionary, p. 1354 (5th ed. 1979).
937:Discretionary trust -'criterion certainty test’
711:is transferred by a person (called a trustor,
1132:Commissioner of Stamp Duties (Qld) v Jolliffe
911:Commissioner of Stamp Duties (Qld) v Jolliffe
794:of a kind which can be the subject of a trust
672:
813:Compliance with rules against remoteness of
1160:Herdegen v Federal Commissioner of Taxation
774:
755:" (for jurisdictions that do not recognise
927:Fixed trust – ‘List certainty rule’ (Test)
715:, or grantor) to a transferee (called the
679:
665:
109:Learn how and when to remove this message
1087:
1085:
807:Compliance with requirements regarding
1207:
1033:taxed as legal entities by election ("
876:may instead make gifts to established
1082:
47:adding citations to reliable sources
18:
1056:
978:Forms of trust used by UK taxpayers
13:
983:Accumulation and Maintenance trust
948:Variation of Trusts in English Law
903:Three Certainties of Express Trust
14:
1226:
1092:Re Baden (No 1) McPhail v Doulton
1028:Forms of trust used by US persons
1011:Nil Rate Band Discretionary trust
306:Acts of independent significance
140:
23:
596:Advance directive (Living will)
495:Hague Convention (conflict law)
34:needs additional citations for
1177:
1153:
1125:
1109:
1047:
967:s1(1)(c) Any person unborn; or
766:or incapacity. Additionally a
1:
1040:
830:Common forms of express trust
954:Variation of Trusts Act 1958
727:jurisdictions as methods of
373:Accumulation and maintenance
175:Joint wills and mutual wills
7:
1170:271 (2 December 1988),
10:
1231:
1194:657 (26 August 1998),
226:Incorporation by reference
1075:431 (21 April 1982),
1021:registered civil partners
1003:Reverter to Settlor trust
819:rule against perpetuities
1188:[1998] NSWSC 419
734:
502:Application in civil law
299:Satisfaction of legacies
1146: (14 August 1920),
1164:[1988] FCA 419
1102:424 (6 May 1970),
775:
575:Disclaimer of interest
380:Interest in possession
168:Legal history of wills
1198:(NSW, Australia).
1136:[1920] HCA 45
1116:Perpetuities Act 1984
1096:[1970] UKHL 1
1069:[1982] HCA 14
1023:being wholly exempt).
518:Estate administration
436:Reversionary interest
241:Testamentary capacity
544:Power of appointment
509:Dishonest assistance
280:Lapse and anti-lapse
274:Property disposition
43:improve this article
855:Discretionary trust
845:Life Interest trust
729:wealth preservation
475:Governing doctrines
894:Spendthrift trusts
551:Simultaneous death
466:Supplemental needs
212:Attestation clause
942:McPhail v Doulton
890:Protective trusts
864:Charitable trusts
801:to create a trust
799:legally competent
689:
688:
318:Pretermitted heir
267:No-contest clause
119:
118:
111:
93:
1222:
1215:Wills and trusts
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1035:checking the box
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753:trust instrument
731:or enhancement.
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488:Cy-près doctrine
454:Asset-protection
219:Residuary clause
194:Holographic will
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580:Inheritance tax
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255:Insane delusion
248:Undue influence
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58:"Express trust"
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588:Related topics
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1184:West v Weston
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932:West v Weston
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745:real property
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741:jurisdictions
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721:beneficiaries
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563:Laughing heir
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461:Special needs
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431:Life interest
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366:Discretionary
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63:
60: –
59:
55:
54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
1190:, (1998) 44
1183:
1179:
1166:, (1988) 84
1159:
1155:
1150:(Australia).
1131:
1127:
1115:
1111:
1091:
1079:(Australia).
1062:
1058:
1049:
1031:
973:
951:
941:
931:
917:
910:
882:associations
790:Property or
785:
772:
761:
738:
696:
690:
648:Criminal law
611:Totten trust
474:
473:
442:Testamentary
403:
402:
355:Common types
354:
353:
348:Constructive
335:
273:
272:
232:
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205:
204:
149:Part of the
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96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
1174:(Australia)
749:legal title
601:Blind trust
568:Advancement
556:Slayer rule
415:Spendthrift
404:Other types
99:August 2014
1148:High Court
1140:(1920) 28
1077:High Court
1041:References
874:charitable
836:Bare trust
823:perpetuity
764:bankruptcy
725:common law
701:in writing
621:common law
410:Protective
387:Charitable
151:common law
69:newspapers
930:see e.g.
878:companies
870:charities
781:Law Latin
768:Protector
693:trust law
527:Intestacy
426:Remainder
397:Incentive
341:Resulting
292:Abatement
287:Ademption
199:Oral will
1209:Category
1120:s 7
809:evidence
709:Property
653:Evidence
641:Property
631:Contract
532:Testator
449:Honorary
206:Sections
1017:spouses
934:(1998)
825:period)
815:vesting
717:trustee
713:settlor
705:parties
537:Probate
392:Purpose
336:Express
234:Contest
187:Codicil
134:estates
83:scholar
1118:(NSW)
792:rights
619:Other
327:Trusts
153:series
129:trusts
85:
78:
71:
64:
56:
1192:NSWLR
1186:
1162:
1134:
1106:(UK).
1094:
1067:
757:deeds
735:Terms
695:, an
623:areas
260:Fraud
159:Wills
125:Wills
90:JSTOR
76:books
1122:(1).
1037:").
1019:and
952:The
892:and
636:Tort
361:Bare
132:and
62:news
1168:ALR
1144:178
1142:CLR
1098:,
1073:CLR
880:or
779:(a
776:res
707:."
691:In
45:by
1211::
1138:,
1100:AC
1084:^
127:,
913:.
817:(
680:e
673:t
666:v
112:)
106:(
101:)
97:(
87:·
80:·
73:·
66:·
39:.
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