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What is Equity And Trusts ?

 Equity is the law of fairness and justice in the eye of the court. Equity is a system of laws which only a judge can apply and not any other member of society. Trusts are defined as the holder of property for the benefit of others, but on trusts, if it has been given to them for their own benefit they have no right to do what they like with it.

In order to make your own Trust you will have to have to have property in your name that you wish to hold on trust. At the end of your life, if you wish to draw on that trust, then you can ask the person who is holding the property in your name if they will do so. This person must be able to show that they hold enough power and authority over you that they are able to act on your behalf. They must also agree not to sell or pass it down once the trust is drawn upon.

Types Of Equity And Trusts

Specific trusts: Are virtually non-existent in England and Wales, but they are quite common in the USA. A specific trust is a discretionary trust which was created by an express or implied contract. The owner of the property or assets placed into the trust cannot sell or give them away without eluding the terms of that contract. Specific trusts have certain advantages over other types of trusts, mainly that a beneficiary does not have to prove entitlement to future interest being shouldered over other beneficiaries by showing that he/she is from a superior class of people. The courts take this duty onto their shoulders and decide which individual would be able to benefit from the trust the most.

Residuary trusts: Are created by wills and become operative upon the death of a beneficiary or owner. The extent to which Residuary trusts are common depends on who has inherited them. If a prior beneficiary dies, the gift is then in force for the duration of that beneficiaries surviving spouse and any children of that person. However, it can be difficult to determine if a trust has been terminated in certain circumstances as they can pass through five or more generations. Under this case the residuary trust can continue even after death.

Springing trusts: Are created by wills and apply only to a particular class of beneficiaries where the value of their interest is greater than that of all other beneficiaries. A trust can be made for a single beneficiary or for several beneficiaries simultaneously.

Powers of appointment: Are created by wills and are a last resort if no other trust options are appropriate. A donor can appoint trustees to have control over all the assets in question and his/her wishes as well as their decisions. These trusts can be set up at any time during the life of the guarantor, but they are mainly only used during times of large financial losses or within wills.

Constructive trusts: Are created by wills and are not actually trusts in their own right. They are merely a device which allows the original beneficiary to prevent the beneficiary who receives wealth from alienating that wealth without his/her consent beforehand. Constructive trusts are frequently used to put in place a set of future rules for how profits will be distributed between beneficiaries.

Importance Of Specific Equity And Trusts

It can be dangerous for an owner to take money out of a bank account and leave it in a trust when they may not have done the right thing by putting money into it in the first place. The owner would not be able to access that money when they needed it unless they got the permission of the legal owners of the trust.

There are a number of important reasons why it is important to use specific equity and trust solutions. Firstly, they can allow an owner to be given the right of control over their assets without the fear that the guarantor will be able to take away money from the trust or alter its terms. Secondly, they can ensure that an owner gets a proper return on their investment. Thirdly, they can make sure that an owner has protection against creditors and other interested parties who want access to the money in his trusts. Last but not least, they can allow an owner to exercise control over the people who are entitled to inherit the trust in case they are unable to do so.

There are a number of reasons why it is not important to use specific equity and trust solutions. Firstly, they can restrict the freedom of the beneficiary to enjoy assets which they have worked hard for. Secondly, they can be complicated to set up and manage. Thirdly, they may not be able to realise the full value of the assets placed into them because if the nature of that asset is unclear then it would be difficult for the beneficiaries to sell it. Last but not least, they may not give an owner a full return on their investment because it may take a long time for them to recover their money from the trust.

Topics Studied Under Equity And Trusts

  1. Law of Property
  2. Common Law
  3. Equity
  4. Discretionary Trusts
  5. Residuary Trusts
  6. Springing and Constructive Trusts
  7. Powers of Appointment
  8. General Law of Property

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