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Archive for June, 2011

This article examines the conditions and formalities of a valid trust. In British law, a trust is an arrangement for three categories of people, trustor, trustee and beneficiaries. The settlor is the person who transfers property to the trust. The trustees are people who legally own the property in trust and administered for the beneficiaries. The management authority established by law and can be defined by a trust agreement. The beneficiaries are the persons for whose benefit the trust property is held, and can receive an income or capital of the Foundation.

“No particular form of expression is necessary for the creation of a trust, if the set can be collected by the trust was intended.” For a valid trust to exist, the grantor must have the ability to create a trust. This is a valid transfer of property in trust to a trustee or a third party to declare trustee. In addition, you must have the intention of creating a trust, and must define the trust assets and beneficiaries clearly. This is known as the “three certainties” certainty of purpose, object security and certainty of intention.

Certainty of intention refers to a specific person of his intention to create a trust arrangement where the delegates (which may include yourself) owns the property, not personal gain but for the sake of another person.

Clearly, when the trusts were created in writing and with the advice of legal professionals that the intention is present [Re Steele Trust, 1948]. However, no particular form of words is necessary for the creation of a trust and fair by the maxim “Equity looks to intent rather than form” applies. Sometimes it is necessary for the courts to examine the terms used by the owner of the building and what obligations you. The owner wishes to impose on those who receive the goods

It is not necessary that the owner explicitly call the case of a trust, or expresses a trustee. The Court concludes from the words of Constance and the conduct of Mr. that he intended a trust.

Certainty of intention is also known as security by word, although it was suggested that a fund can not be inferred from his behavior. Looking 1All Re Kayford 1975 is 604, Megarry J said about the safety of the words, “The question is whether the substance was sufficient will to create a trust has been manifested.” Precatory words can sometimes create a yet trust. There are additional formalities necessary for certain assets of the trust, and trust as a valid property of the trust property is vested in trustees or the trust must be “established.” If the trust n ‘ is not made, the supposed beneficiaries are not entitled to require the grantor to transfer property correctly that “equity will not assist a volunteer.” If a constituent wants to create an inter vivos trust personalty, the formalities are minimal.

To create an inter vivos trust of land or a reasonable interest in the land, in addition to the formalities of land transfer, the Declaration of Trust in writing and signed by the person able to create confidence – that the component or his lawyer [p.53 (1) (b) Property Law Act 1925]. How this step is not met, the trustee hold land in trust for constituting rather than the recipient. It is sometimes argued that no particular form of expression is necessary to create a trust, whose intention was present. There are formalities to create the foundations of the living soil and testamentary trust and if not followed, the trust will fail unless the tax has not been provided or the rule of the strongest against the birds 1874 s applies even if the supervisor had the best intentions. Moreover, in the form of words used in these procedures must be clear and unambiguous, or they may not be a trust.

He says further that “a trust can be created without using the word” trust “, and this is true in other words, the behavior is sufficient for this purpose. If the language used does not meet the” three certainties ” or, for example, is the person making the declaration has not the capacity to trust, the trust fails.

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In 1929, the US Supreme Court ruled, in which case a company has to pay taxes on behalf of an employee of the company as a matter of convenience.

Old Trust, the company claimed that the amount of income tax paid on behalf of the employee had no income, the employee and therefore was not itself subject to tax. They argued that the amount of income tax that would be double taxation.

Commissioner argues that this is not a form of income taxes and the employee must be paid for it. In particular, they said, “Since the income tax payment was in exchange for his continued employment, balance of payments constitute income to the employee.”

They also stressed that by accepting the argument Old Colony Trust Company, it would be too easy for people to avoid taxes by transferring payments to third parties. They could organize a system where people pay taxes for the other to reach a tax rate much lower.

Earlier, in this case, moreover, that the benefit of the employee and the tax, such as funds, gifts and vacations. These benefits are mainly related to the work will not be taxed.

The first decisions as the court, at a time when the tax was introduced simply to help shape the modern system of taxation. They were the testing ground for new laws, and these precedents are often consulted by modern judges to determine how to apply the tax law.