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Equity and Trust Exam Notes

   

Added on  2020-12-24

9 Pages2635 Words242 Views
Equity and Trust Exam

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Section A..........................................................................................................................................11. Core duties placed on trustees under a trust and evaluation of importance and usefulness.1Section B..........................................................................................................................................42. Advising Anthony’s estate whether these gifts are likely to be held to be validly charitable.................................................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONTrust is analysed as legal entity which is created by party through which the second partyholds the right to manage the trustees assets or property for the important benefit of the thirdparty. Trustees is considered as legal term which implies to anyone in position of trust and amember of voluntary or owns property, authority and responsibility for managing operations aswell as decision of trust (Chiu and et.al., 2012). In present scenario, core duties which areplaced on trustees within a trust are discussed along with the importance and usefulness.Different provisions of amount paid for charity have been discussed in this report. Theseimportant provisions will provide understand about the concept of charities and Gift Aid. Section A1. Core duties placed on trustees under a trust and evaluation of importance and usefulness.A trustee has been analysed as an entity or individual which is formally appointed formanagement of assets of a particular or voluntary business enterprise for the benefit of itsbeneficiaries in accordance with the terms of trust. In this context, there are fiduciary dutieswhich are provided to trustees towards the beneficiaries. Further, these essential duties havebeen set out in the trust deeds and important statement provided statutory legislations. Duties arepowers of trustees have been listed according to the proper law through which the trust isgoverned (Bock and et.al, 2012). In addition to this, trustee always have some fiduciary duties aswell as obligations. This actual means that the trustees are required to act in the good faith in theinterest of beneficiaries rather than acting for the collateral purpose. Some core duties arementioned above:Duty to the terms: Every trustee is responsible to know and adhered the terms and conditions ofthe trust which are formulated for smooth regulation of operations. These important rules andregulation are mainly described in the trust deeds (Hoehle, Huff and Goode, 2012). Adherenceto the terms and conditions is important for trustees to carry out smooth operations andincreasing image of trust in country. Usefulness of this adherence and having knowledge aboutthe terms will also enable trustee in understanding their discretions and power as well as rightswhich are available to them within a trust. Duty to act unanimously: In case of private trust, it is the general rule is that where there ismore than one trustee they will have to exercise their functions, act unanimously. It is alsoidentified that majority of trustees does rule against the minorities. Moreover, the underlying1

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