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Presentation Date
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4/29/12
Once the trust is set up, the settlor no longer has any right in the property. The trustee has a legal interest, and the beneficiary an
Beneficial Interests
A condition is available now before beneficiary is The interestmust be satisfied (unconditional) entitled
Enjoying the benefit of the trust at present Will receive the trust fund after beneficiaries death
The interest amounts to the capital of the trust The interest is limited to the income from the trust
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Property
Personal Property Real Property
Chattels Land Freehold (jewellery, personal items) Choses in land is not included. Leasehold action (debts, life assurances, copyrights) Leasehold Land
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Transfer of Property
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Gifts
To make a valid gift, three conditions must be met:The donor must have the necesssary mental capacity to make the gift The donor must have the intention to make the gift (expressed in words or conduct) The donor must ensure there is certainty of subject matter and objects
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Validity of Gifts
A gift may fail if one of the conditions in Milroy v Lord has not been met Turner LJ made it clear that equity will not rescue improperly made gifts by creating a trust The Every Effort test applies, it requires that the donor has done everything in his power to transfer the property beyond recall. Re Rose [1952] Ch 499
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Transfer of Shares
Outside CREST
The CREST System Computerise d PLCs only Electronicall y recorded only No need for 4/29/12 STF
Share Certificates in paper format All Ltd companies, some PLCs Shareholder is
An exception to the rule equity will not perfect and imperfect gift Four conditions must be met:1.
Intended as immediate gift Gift is invalid due to failure of a formality The intention to make the gift must have remained until the death of the donor The donor dies, and the donee is one of the PRs for the donor. The ownership is now vested in the donee and the gift is complete.
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Creation of a Trust
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Whos Who
Lead Jim Dee Mavis Doug Contact information Jim@company.com Dee@gcompany.com Mavis@company.com Doug@company.com
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Case Study
Jeremy
His first day Mistakes made Successes achieved The moral of the story
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Discussion
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Summary
Mentorship programs
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Resources
<Intranet site text here> <hyperlink here> <Additional reading material text here> <hyperlink here> This slide deck and related resources: <hyperlink here>
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Questions?
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Appendix
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