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Equity and Trust Law Assignment

   

Added on  2020-12-09

8 Pages2413 Words137 Views
EQUITY AND TRUST
Equity and Trust Law Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................3SECTION-A....................................................................................................................................31. The Fiduciary Duties and their Importance and usefulness....................................................3SECTION- B....................................................................................................................................52. Advising James and Hannah for Annie's Will........................................................................5CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................7
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INTRODUCTIONEquity and trust plays an important role in Law management. It is usually related to thefairness and justice of the work. Legal system is based on these rules. Equity basically consists ofdistinct rules and regulations which help to seek ethical values into legal form. The law of trustswas constructed as an adjunct to the law of property, to tend to situations in which one personholds legal title to a property. Trust law is a set of rules and regulations that have beendiscovered to regulate situations where one person trusts another person to look after their affairsand properties. This report discuss about fiduciary duties of the trustee and its importance forthem. Then it will explain about the secret trust through a given case study with referenceevidences to better understand it.SECTION-A1. The Fiduciary Duties and their Importance and usefulnessA trustee is a person or member who has given control and powers of administration ofproperty of any party in trust with a legal obligation to administer it solely for the purposesspecified to them. The most important aspect of the trustee's duties is its Fiduciary Character.Some various duties which a trustee has to follow includes, he should be completely acquaintedwith the terms and conditions of the trust, he should never allow his funds to be mixed with thoseof the trust, act impartially and solely in the interest of all beneficiaries, and manages the trustproperty in a very careful manner. The trustee manages the trust’s assets, a significantresponsibility. If there are multiple trustees, they carry a dual accountability for their ownactions, inaction, and decisions as well as those of their co-trustees (Frankel, 2015).The Fiduciary Duties are the legal relationships held between the two parties which isinvolved in the act. A trustee has some fiduciary duties to follow while managing the trust. Thefiduciary also must manage the trust assets capably and address any issues that arise. Followingare some fiduciary duties which has to be owned by the trustee, such as,1.Duty of Care :This is the most important duty of the trustee in which he or she carefullymanages all the estate assets and property of trust. In any kind of investment transactionsmade by him, he should make sure that all the transactions are with reasonable skill,caution and care. The trustee must act wise and monitor all the investments to make surethat they are being productive and avoiding loss.
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