Requirements for Lifetime Creation of an Express Private Trust
3 important questions on Requirements for Lifetime Creation of an Express Private Trust
Is it necessary for trusts to have ascertainable human beneficiaries?
Trusts must have ascertainable human beneficiaries to enforce the trustees' obligation.
Can a settlor create a trust that lasts for an excessive length of time?
The law will only tolerate trusts that last for an acceptable period.
As well as declaring the trust, explain the two methods settlor must use to vest the trust property in the trustees to properly constitute the trust?
- The settlor must transfer the trust property to the trustees and make a valid declaration of trust by imposing trust obligations on the trustees to hold on trust for the beneficiary
- Settlor declared himself a trustee through a valid declaration of trust. 'Constitution' of trust is automatic as the settlor already holds the legal title to the property.
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Requirements for Lifetime Creation of an Express Private Trust - Requirements for Creation of a Valid Trust: Declaration of Trust - The three certainties
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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?
