Family trusts law problem question

Consider rule in each area and apply to problem question. His view is that all customers must be prepared to take risks to make profits in financial investments. However it may be that t he beneficiaries of the quicksilver trust have a claim on the racehorse through the equitable remedy of tracing.

Alan was a shareholder in Fry Ltd. Problem Question 1 Ross was born in Penzance, Cornwall.

Tariq was the only trustee. Horatio and Isabella may retire if the trust instrument entitles them to so and if it does not then whenever the court approves an application for retirement.

In order to ensure that these duties are honoured in full, there is virtually an absolute bar against the trustee using his position for personal gain. Liam is refusing to allow Leanne to be registered as a shareholder in Pantsworld Ltd.

I am a student working from home with a medical condition who hasn't been able to do nearly as much equity and trusts work as I should have, so I really need things spelling out to me in lamen terms please. Clement is a solicitor to the trust. The trust instrument provided as follows: They employ cost-It Ltd as their surveyors.

Think about that, only with real property and financial assets at stake. On her death, any remaining money that she shall not have used shall be given to the people of Oxbrah.

3 Problems With Family Trusts

Prescribe a particular purpose, and then raise and pay the money over to the advancee leaving him or her entirely free, legally and morally, to apply it for the purpose or to spend it in any way he or she chooses, without any responsibility on the trustee even to inquire as to its application.

The trigger for a claim of equitable tracing is that the Claimant must have an equitable proprietary interest in property and only an equitable proprietary interest. Removing and replacing a trustee can be a complicated process -- all the more reason to get it right in the first place.

Stranger to the trust may become a constructive trustee in four situations: The court may order the retirement of a trustee when exercising its power under s In conclusion therefore it is likely that the beneficiaries will be able to trace the money held on constructive trust for them into the race horse that has been purchased by Paulo and this will be very useful to them in light of the fact that Paulo is now insolvent.

In conclusion therefore it is likely that the beneficiaries will be able to trace the money held on constructive trust for them into the race horse that has been purchased by Paulo and this will be very useful to them in light of the fact that Paulo is now insolvent. The Trust Part Trusts are legal entities, but they are created and administered by people, meaning they may not be perfect.

Thus, if Tom and Clement became directors without reliance on the trust shares, they may maintain their substantial fees, even if the shares thereafter help them to maintain their position. In other words, a trustee must provide personal service to the trust.

A fiduciary must not place himself in a position where his interest and duty conflict [9]. If this does occur then any personal gain attributable to the fiduciary position must be held on constructive trust for the persons to whom the fiduciary relationship is owed. Morris is not reassured by this, but he does not want to challenge a more senior colleague.

Problem Question Examples Problem questions can seem daunting as you are faced with a big scenario with various things happening, and it is not always easy to know where to begin. Once you get the hang of these types of questions you will find them a really easy way to show off your legal knowledge.

Equity and Trusts Problem question (help please!) watch. Announcements. Fearing imminent death, Paul gathers his family and friends at his golf course clubhouse. He says to Leanne ‘It was a mistake to leave you the shares in trust. Equity and Trusts Law Problem Question ; Equity and Trusts/Land Law Help Please ; Equity and Trusts.

Family Trust Questions Family trusts are legal documents that can be changed or added to by the person who prepares it. The goal of the family trust is to provide instruction for the handling of the person's assets before and after the person is deceased.

By submitting your question, you understand and agree to the Terms and Conditions for use of the site. Do not include any personal information including name, email or other identifying details in your question or question details.

Problem Question Scenario and Guide to Answering Problem Questions on Express Trusts Thinkswap Satisfaction Guarantee Each document purchased on Thinkswap is covered by our Satisfaction Guarantee policy. Published: Tue, 19 Sep This question concerns the law of trusts in the family home.

Specifically, Mary requires advice on two questions: whether Philip is entitled to a share in the property, 8 Emerald Way, and whether she is able to sell the house now that she and Phillip have split up.

Family trusts law problem question
Rated 3/5 based on 92 review
Equity and Trusts Problem question (help please!) - The Student Room