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English Law Equity and Trust Coursework - Essay Example
He is the beneficiary of a generous trust set up by his father" his condition or obligation of one to whom anything is confided; responsible charge or office." We can summarize the term trust in this manner. The trust property is something held by one party for the benefit of another and the first party is called as the trustee and second party is the beneficiary…
Generally the beneficiary gets interest and dividends on the trust assets for a set number of years.
Law of equity and trust confers the provision regarding the trust. It laid down several duties and responsibilities for the trustees. Trust can be raised from either trust deed/covenant as said before or by the Will, i.e. a testamentary trust is a trust created by a Will or a codicil to a Will. A testament is a Will. Here the trust instrument is the Will/Codicil. A testamentary trust can not be by inter vivos i.e it can not be exist between living persons. Generally there can be two types of disputes raised from this type of the trust established by the law. a) Dispute concerning property left in Wills which are over the capacity of a testator b) dispute regarding whether the testator made the Will under undue influence.
Here there is a rule that he/she must dispose of that property personally and may not delegate that power of disposition to another. ...