The following Private Client practice note provides comprehensive and up to date legal information covering:
When drafting, keep in mind that the essentials of creating a validly constituted trust are:
there must be property or rights capable of being subjected to a trust
the trust must meet the requirements for formal validity
the trust terms must be sufficiently certain so that the trust is administratively workable (ie essential validity)
the purpose of the trust must be lawful
A trust is void if it is created for an illegal purpose or is otherwise contrary to public policy.
Any property may be made subject to a trust provided there is no reason in law why the owner is prevented from parting with the beneficial interest in the property:
under the general law
due to the specific circumstances of the relationship between the parties or
where the property is of a particular nature that limits the circumstances in which it may be settled
The trust property must be properly identified.
Any individual of full age and capacity is capable of creating a trust.
Where an individual under the age of 18 years purports to create a trust inter vivos, such a trust is voidable at their instance on attaining the age of 18. It cannot be validated by the consent of a parent or
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