Trusts

Void Trusts

Invalidation Trusts may be void by reasons of misrepresentation, fraud, undue influence and like factors, which operate on the settlor. The principles are similar to those applicable to contracts and deeds generally. Purported trusts will fail if they lack the basic minimum requirements for trusts. … Read the rest

Variation of Trusts

Requirement for Variation Generally, a trust must be executed in accordance with its terms in order for the trustees to avoid a breach of trust. Apart from the statutory powers, a court will not, save in limited circumstances, allow performance of acts which constitute a breach of trust.… Read the rest

Trusts of Land

Special Statutory Powers Trustees of land are given power to sell the land and reinvest the proceeds in either land for occupation or use by a beneficiary, or otherwise. The land purchase may be outside the State. … Read the rest

Trusts Arising Automatically

General Trusts were developed by the Courts of Equity. The essence of a trust is that it is a personal obligation imposed on an individual, the trustee, in order to protect the interests of the beneficiaries. … Read the rest

Trusts and Trustees

Role of Trustee Any person may act as a trustee although for reasons of prudence and convenience, it is best to appoint a trustworthy and experienced person. Companies or so called “trust corporations” may be formed to provide trustee services. … Read the rest

Terms of Trusts

Overview There is enormous flexibility in relation to the terms on which trusts can be created. The main constraints are those of public policy. The former rules regarding the duration of trusts have been amended. It is now possible to apply to Court to vary trusts under new legislation, which commenced in 2010.… Read the rest

Purpose Trusts

Purpose Trust A “purpose trust” has the objective of promoting a particular purpose. It may or may not be for the benefit of a person or a class or persons. A purpose trust is enforceable if it is for charitable purposes.… Read the rest

Other Carriage Modes

Aviation In aviation, there is no direct equivalent of the bill of lading. In air transport, the contract of carriage may be made by either the buyer or seller. Many terms of the international carriage of goods by air, are fixed by the Warsaw Convention.… Read the rest

Nature of Trusts

Background in Equity The trust is very much the creation of the law of equity. Historically, equity was dispensed by the courts of equity. The courts of equity merged with the courts of law in 1877, so that equity and law are applied in all courts.… Read the rest

Creation of Trusts

Basic Requirements Trusts can be created relatively informally. Some trusts are created by operation of law, generally to remedy injustice or to deal with scenarios in which a person’s obvious intention would otherwise be defeated. In order to create a valid trust, there must be certainty as to the intention of the creator (the settlor). … Read the rest