Requirements for Lifetime Creation of an Express Private Trust - Requirements for Creation of a Valid Trust: Declaration of Trust - What are the formalities required when a settlor declares the trust during their lifetime?
3 important questions on Requirements for Lifetime Creation of an Express Private Trust - Requirements for Creation of a Valid Trust: Declaration of Trust - What are the formalities required when a settlor declares the trust during their lifetime?
Are there any formalities to observe for a trust over personalty (shares)?
No formalities to observe and the trust can be declared orally.
What types of property are covered under s53(1)(b) of the Law Property Act 1925 and what two requirements must be satisfied for a valid declaration of trust over land?
- Covers land and interest in land (equitable interests in land).
- Must be evidenced in writing and the written evidence must contain the terms of the trust and be signed by the person able to declare the trust (settlor).
Does the actual declaration of trust have to be in writing under s.53(1)(b) LPA 1925?
The declaration can be oral. For example, the settlor tells X he is holding an apartment on trust for them and later writes to his solicitor telling him what he has done. The letter to the solicitor is the written evidence that satisfies s.53(1)(b).
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