This is a question of fact. OT Computers Ltd v First National Tricity Finance Ltd [2007] WTLR 165, Re Gulbenkians Settlement Trusts [1970] AC 508, Hardcastle, I. M. Administrative unworkability a reassessment of an abiding problem in Conveyancer and Property Lawyer (1990) Jan/Feb, 24-33, Hudson, A. This duty of the trustees towards their beneficiaries is paramount. Intangible property, by its very nature, does not require segregation. This page was last edited on 2 August 2022, at 13:01. the power to appoint new trustees. 0000001257 00000 n There was no gift over in default of appointment. By tradition, it can be said that the duty is to hold balance between different beneficiaries or classes or beneficiaries. 11 years later, the trustees executed a deed of appointment where they appointed the whole He, his wife and his adult son brought a claim against his sister, Mrs Pearson, and her co-executor Mrs Walker, as trustees of a discretionary will trust declared by their mother's will. In tax law this type of trust is known as a trust without an interest in possession. Re hay's settlement & Hunter v Moss - Re hay's settlement trust The hold on trust to pay the income to such persons or charities as they thought fit until 21 The test for fixed trusts is that the trustees must be able to give a complete list of the beneficiaries, as laid down in IRC v Broadway Cottages. If the donee of the power fails to exercise his discretion the court will ensure that the discretion is exercised in favour of the objects. This was refused, so the trustee himself took a lease for his personal benefit. Establishing Certainty of Objects in Trusts - LawTeacher.net When exercising their power of investment, there is legislation in each jurisdiction which sets out a list of matters to which trustees should have regard. Re Tuck [1978] Ch 49 - Case Summary - lawprof.co In my opinion the cases show that you must find in the will an indication that the testatrix did intend the class or some of the class to take intended in fact that the power should be regarded in the nature of a trust.. 51 0 obj<>stream A more complex test is found with mere powers. startxref This is not necessarily fatal; the test for deciding if it is or not was laid out by Wynn-Parry J as: "mere difficulty of ascertainment is not of itself fatal to the validity of the gift. Normally the trustee is not bound to exercise it, and the court will not compel him to do so. Decided cases illustrate how unpredictable this question is likely to be. However, the category of discretionary trusts has proved more contentious, though, as the next section will explain, the courts have adopted an equally sensible and flexible approach to their operation in recent decades.

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