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vesting of property in trusteesthe settlor must transfer the property to the original trustees in the proper legal manner similar transfers must be
termination of appointmentsa trustee may cease to hold office in the following waysa disclaimer at any time before acceptance of the trustsb
appointment of trusteescapacityany person with legal capacity to hold property may be a trustee except an infant but the court will not appoint and
constructive trustsa constructive trust is a trust imposed by equity regardless of the intention of the owner of the property it arises by operation
resulting trustsresulting trusts occur where equity regards the property which is held by a trustee as belonging in equity to the person who
protective truststhe income of property may be settled on such terms as to restrict its availability to creditors of the beneficiary in the following
half secret trustsin this type of trust the will states that the gift is on trust but the name of the beneficiary is not specified since the
fully secret truststhis is where neither the existence nor the terms of the trust are disclosed in the willthe trust will be enforced only if the
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