Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
secret truststhe initial basis of the doctrine of secret trusts was the refusal of equity to permit a statute to be used as an engine of fraud eg
the three certaintiesa trust will be valid only if the three certainties are present ie certainty of words certainty of subject and certainty of
formno special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must
completely and incompletely constituted trusts in all cases the trust must be completely constituted a trust is completely constituted when
creationan express trust is created not by facts and circumstances but by the express words of the settlor fitzgerald v stewartit may be created in
express trustscreationan express trust is created not by facts and circumstances but by the express words of the settlor fitzgerald v
equitable apportionmentsthere are five leading cases where the courts have laid down rules to meet specific situations in which there is a conflict
variation of securitiesit would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold
dividends out of the capital profits dividends out of the capital profits are apportioned on the same basis as dividends out of income re doughtya
investment with ex div quotation investment with ex div quotation will be debited to the investment account at its ex div value the full impending
investment with cumdiv quotationinvestment with cumdiv quotation will be debited to the investment account at its full value when the dividend is
apportionmenta the purpose of the apportionment rulesthe purpose of the various rules of apportionment is to provide a fair and reasonable basis for
the opening entries1 assets of the estate or trustin both cases the various assets of the estate or trust are debited to appropriate accounts and
differences between estates and trustsnote particularly the following differences between estates and trustsmdash1 estate on the death of a testator
executors accountsa stewardshipthe main object or preparing estate accounts is to record the assets which have been entrusted to the stewards mdash
personal representatives dutiespersonal representation has the following duties1 to provide and pay out of the estate of the deceased the expenses of
personal representatives powerspersonal representation shall have the following powers1 to enforce for the deceaseds estate by suit or otherwise all
court jurisdictiona court may limit a grant of representation which it has jurisdiction to make as follows1 where the will has been lost or mislaid
courts application for granta court may1 wherein a deceased person is proved whether by production of a will or authenticated copy of the will or by
application informationthe application must include information as tothe full name of the deceasedthe death and place of his deathwhether or not the
application for grant1 an application for a grant of representation representation means the probate of a will or the grant of letters of
protection of property of a deceased persona no person may take possession of or dispose of or otherwise intermeddle with any free property of a
investment of funds to provide for legacies and interest on legaciesa where a general legacy is given for life the sum bequeathed shall at or before
presumption of survivorshipwhere two or more persons have died in circumstances rendering it uncertain which of them survived the other or others the
abatement of legaciesa if the assets after the payment of debts necessary expenses and specific legacies are not sufficient to pay all the general