{"title":"14. Investment","authors":"Gary Watt","doi":"10.1093/he/9780198804703.003.0014","DOIUrl":"https://doi.org/10.1093/he/9780198804703.003.0014","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Part II of the Trustee Act 2000 gives every trustee the power to make any kind of investment as long as he is absolutely entitled to the assets of the trust, a power that permits trustees to hold investments jointly or in common with other persons. There are no unauthorised types of investment, but it is important to know whether the type of investment chosen was appropriate to the trust on the basis of the ‘standard investment criteria’. This chapter examines the types of investment permitted by the general law, a breach of the duty to invest with appropriate care, the significance of modern portfolio theory to trustee investments and the impact of the Trustee Act 2000 upon trustee investments. It also looks at the historical need for income production and discusses capital gains as investment returns, the standard investment criteria, the need for trustees to obtain and consider proper advice about investments, particular types of investment and investment policy.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134345975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"13. Maintenance and advancement","authors":"Gary Watt","doi":"10.1093/HE/9780198709862.003.0013","DOIUrl":"https://doi.org/10.1093/HE/9780198709862.003.0013","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Under the Trustee Act 1925, trustees have the power to make payments out of the trust income for the maintenance of infant beneficiaries, as well as the power to make payments out of trust capital for the advancement and benefit of both infant and adult beneficiaries. However, the express terms of the trust instrument can exclude or modify these provisions. This chapter deals with maintenance and advancement of trust beneficiaries. It examines the extent of the statutory powers of maintenance and advancement, how the statutory powers are excluded or modified by the express terms of the settlement and a valid exercise of the powers of maintenance and advancement. The chapter also considers maintenance with respect to gifts carrying intermediate income, class gifts, tax considerations, perpetuities, and maintenance out of capital money, along with the meaning of ‘benefit’, exercise of discretion to make an advancement and contrary intention in the trust instrument.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126604754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"11. The nature of trusteeship","authors":"Gary Watt","doi":"10.1093/HE/9780198709862.003.0011","DOIUrl":"https://doi.org/10.1093/HE/9780198709862.003.0011","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Trusteeship requires the proper discharge of a number of fundamental duties, such as the duty of undivided loyalty (the fiduciary duty), the duty of care for the trust fund (the duty of care) and the duty to exercise a sound discretion. The trustee must act in the interests of the beneficiaries rather than his own interest. More specifically, the trustee must serve the beneficiaries within their larger obligation to serve the trust in accordance with the terms of the trust instrument and the general law. This chapter examines the general nature of trusteeship. It considers how a trustee meets their fiduciary obligations to the trust, the standard of care which trustees must exercise in service of the trust, the discretionary nature of a trustee’s decision-making powers and the requirement that trustees must act unanimously. The chapter also discusses the self-dealing rule and fair-dealing rule, the Trustee Act 2000 and factors influencing the courts’ willingness to review trustee decisions.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130905879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"7. Purpose trusts","authors":"Gary Watt","doi":"10.1093/HE/9780198709862.003.0007","DOIUrl":"https://doi.org/10.1093/HE/9780198709862.003.0007","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. The object of a trust can be a legal person (human or corporate), a public (charitable) purpose or a private purpose. This chapter shows that trusts for private purposes are generally void, although there are a number of important exceptions to this general rule, that is, where trusts for private purposes are valid. A trust for private purposes usually takes the form of a permanent endowment, which potentially renders the capital inalienable in perpetuity. The chapter explains why trusts for private purposes are generally void and discusses the anomalous exceptions to the general rule, trusts of imperfect obligation, purpose trusts with indirect human beneficiaries and distribution of surplus donations. It also looks at various devices for avoiding the prohibition against trusts for private purposes, outlines the special problems raised by gifts to unincorporated nonprofit associations and considers how a donor can achieve their intentions in making a gift to an unincorporated association.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114411981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"8. Charitable trusts","authors":"Gary Watt","doi":"10.1093/he/9780198709862.003.0008","DOIUrl":"https://doi.org/10.1093/he/9780198709862.003.0008","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Charitable trusts are not subject to the objections against private purpose trusts and enjoy certain privileges. Charities are not public institutions, but are nevertheless subject to judicial control, to the constitutional protection of the Crown as parens patriae (acting through the Attorney-General) and to the supervision of the Charity Commission. Moreover, they are not subject to the beneficiary principle and to the rule against inalienability of capital. This chapter deals with charitable trusts and discusses the distinction between legal and ‘everyday’ notions of charity. It also examines a charitable purpose, the advantages and disadvantages of charitable status, limits on the recognition of charitable trusts, what happens when a charitable purpose fails, whether the purpose of a charitable status is sufficiently beneficial to the public and the administration of charitable trusts. The chapter furthermore considers trust law and tax law privileges; the roles of charities, such as the prevention or relief of poverty and the advancement of education and religion; the public benefit requirement in educational trusts; recreational charities; the exclusivity requirement; the doctrine of cy près; and the disposal of surplus donations.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123092305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"2. Understanding trusts","authors":"Gary Watt","doi":"10.1093/he/9780198709862.003.0002","DOIUrl":"https://doi.org/10.1093/he/9780198709862.003.0002","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Expressly created trusts are a special form of gift that do not require any formality. However, formality is extremely important with regard to the subsequent transfer of beneficial interests after the creation of a trust and with regard to trusts made by will (so-called testamentary trusts). Not everybody has the capacity to create a binding trust; where there is no capacity it is mainly due to poor mental health and minority (infancy). This chapter deals with capacity and formality requirements in relation to the creation of trusts and considers inter vivos transactions, the relevant provisions of the Law of Property Act 1925, lack of formality as a defence to disguise a fraud and testamentary trusts. It also examines whether a would-be settlor is legally capable of setting up a trust and discusses the equitable interest under a trust in compliance with the proper formalities, trusts for which there are no formality requirements and valid ‘mutual wills’ and ‘secret trusts’.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114302719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"17. Informal trusts of land","authors":"Gary Watt","doi":"10.1093/he/9780198709862.003.0017","DOIUrl":"https://doi.org/10.1093/he/9780198709862.003.0017","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. The trust law that applies to family land might not be applicable to other types of land. Resulting trusts present a particular challenge in this regard. Although the doctrines of resulting trust have long been settled in the law of trusts, they have recently been questioned in the context of the family home. This chapter focuses on informal trusts of land and the social reasons why they are recognised, first looking at the problem of informality before turning to the different kinds of informal trusts of land. It also examines whether facts give rise to a resulting trust or a constructive trust, the practical significance of the distinction between constructive and resulting trusts of land, the relationship between proprietary estoppel and constructive trust, express agreement plus detrimental reliance, and the decision of the House of Lords in Stack v Dowden. The chapter concludes by considering some of the problems addressed by, and caused by, the operation of informal trusts in the context of cohabitation.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129086449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"4. Certainty requirements","authors":"Gary Watt","doi":"10.1093/HE/9780198709862.003.0004","DOIUrl":"https://doi.org/10.1093/HE/9780198709862.003.0004","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Three certainties must be satisfied for the creation of an express trust to protect the trustees and also for the benefit of the court: certainty of intention (a certain intention to create a trust), certainty of subject (certainty with regard to the assets subject to the trust and the shares in which it is to be held by the beneficiaries) and certainty of object (certainty with regard to beneficiaries or purposes of the trust). This chapter deals with the certainty requirements in relation to the creation of trusts, the distinction between conceptual and evidential uncertainty, the consequences where a trust fails for lack of certainty and how a settlor can draw up a trust with sufficient certainty. It also examines the construction of a trust, creation of express trusts in commercial contexts, fixed trusts, the class ascertainability test, discretionary trusts and gifts subject to conditions.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132872718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"12. Trustees’ duties","authors":"Gary Watt","doi":"10.1093/he/9780198709862.003.0012","DOIUrl":"https://doi.org/10.1093/he/9780198709862.003.0012","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. In general, trustees have all the duties and burdens whereas the beneficiaries have all the rights and benefits. A breach of duties can result in personal liability for the trustee. The Trustee Act 2000 has made trusteeship more attractive to trust corporations and professional trustees by granting them improved powers of delegation and raising a presumption in favour of their remuneration without prejudicing the potential of trust instruments to make even more generous provision by express terms. This chapter analyses some specific duties of trustees and the consequences of accepting office, the extent of the duty to act gratuitously and to provide personal service, the rule against fiduciary profits, and a breach of duty to act impartially, as well as the duty to keep trust accounts. It also discusses the Trustee Act 2000, the trust instrument and quantum meruit.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122145479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"19. The equitable liability of strangers to the trust","authors":"Gary Watt","doi":"10.1093/he/9780198709862.003.0019","DOIUrl":"https://doi.org/10.1093/he/9780198709862.003.0019","url":null,"abstract":"Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. This chapter shows how a stranger to the trust may be threatened with personal equitable liability. It explains the rationale behind equitable liability for ‘knowing receipt’ of trust property, considers the distinction between ‘knowing receipt’ and ‘inconsistent dealing’, examines the nature of a stranger’s liability for dishonest assistance in (or procurement of) a breach of trust and looks at possible reforms of the law in this area. The chapter also discusses how liability of strangers differs from tracing, trusteeship de son tort, the four requirements for ‘dishonest assistance’ (existence of a trust, breach of the trust, assistance and dishonesty), the relationship between knowledge and dishonesty in cases of dishonest assistance and whether accessory liability should be a common law tort.","PeriodicalId":325972,"journal":{"name":"Equity & Trusts Law Directions","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129236521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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