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Equity and Trusts

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A trust is a relationship where a settlor is
4/29/12

This person (or persons) is/are 4/29/12 .

The trustee holds property 4/29/12 .

The trustee must act in the 4/29/12 .

The trustee has a legal interest. the settlor no longer has any right in the property. and the beneficiary an .4/29/12 Once the trust is set up.

Beneficial Interests • Contingent Vested In Possession In Remainder Absolute Limited A condition is available now before beneficiary is The interestmust be satisfied (unconditional) entitled • • Enjoying the benefit of the trust at present Will receive the trust fund after beneficiaries death • • The interest amounts to the capital of the trust The interest is limited to the income from the trust 4/29/12 .

in agreement v Vautier [1841] 4 Beav • • 115 Company Logo 4/29/12 .A trust may be ended provided that: All beneficiaries are of legal age and sound mind (sui juris) Are Saunders that the trust should be ended.

personal items…) Choses in land is not included. life assurances. Leasehold action (debts.Property Personal Property Real Property • Chattels Land Freehold (jewellery. copyrights…) Leasehold Land • • 4/29/12 .

Transfer of Property 4/29/12 Milroy v Lord [1862] 4 De .

Trusts and Wills Company Logo 4/29/12 .Gifts.

000 • The charge above the nil rate band is 40% Gifts are Potential Exempt Transfers (PETs) and if the donor survives more than 7 years after the gift was made there is no inheritance tax. • • Creation of a lifetime trust is subject to a 20% inheritance tax if the 4/29/12 . Trusts and Wills in Context • Inheritance tax applies to all property inherited over a value of £325.Gifts.

three conditions must be met:The donor must have the necesssary mental capacity to make the gift The donor must have the intention to make the gift (expressed in words or conduct) The donor must ensure there is certainty of subject matter and objects • • • 4/29/12 .Gifts To make a valid gift.

Re Rose [1952] Ch 499 4/29/12 • • . it requires that the donor has done everything in his power to transfer the property beyond recall.Validity of Gifts • A gift may fail if one of the conditions in Milroy v Lord has not been met Turner LJ made it clear that equity will not rescue improperly made gifts by creating a trust The “Every Effort” test applies.

Transfer of Shares • Outside CREST • The CREST System Computerise d PLCs only Electronicall y recorded only No need for 4/29/12 STF • Share Certificates in paper format All Ltd companies. some PLCs Shareholder is • • • • • .

4. The ownership is now vested in the donee and the gift is complete. 4/29/12 Strong v Bird [1874] LR 18 Eq 315 . 3. • Intended as immediate gift Gift is invalid due to failure of a formality The intention to make the gift must have remained until the death of the donor The donor dies. 2. and the donee is one of the PRs for the donor.The Rule in Strong v Bird • An exception to the rule “equity will not perfect and imperfect gift” Four conditions must be met:1.

Creation of a Trust 4/29/12 .

com Mavis@company.com 4/29/12 .com Doug@company.com Dee@gcompany.Who’s Who Lead Jim Dee Mavis Doug Contact information Jim@company.

Working Toward Mastery Achieve Mastery Projects Worked On Get Experience d Get Familiar Time Spent 4/29/12 .

Doing Your Best Work • Working from home Working offsite Technology requirements • • 4/29/12 .

Case Study • Jeremy – His first day Mistakes made Successes achieved The moral of the story – – – 4/29/12 .

Discussion • What we can learn from Jeremy Best practices Take-aways • • 4/29/12 .

Summary • Define your challenges – Technological as well as personal • Set realistic expectation – Mastery is not achieved overnight • Keep your eye on the goal – Mentorship programs 4/29/12 .

Resources • <Intranet site text here> <hyperlink here> <Additional reading material text here> <hyperlink here> This slide deck and related resources: <hyperlink here> 4/29/12 • • .

Questions? Company Logo 4/29/12 .

Appendix Company Logo 4/29/12 .