The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
What is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is independent of the...
Gathering information from the clientWhen taking instructions it is preferable to ensure that the client completes an asset and liability statement....
The rules relating to perpetuities and accumulations stem from the common law and the provisions in the Perpetuities and Accumulations Act 1964 (PAA...
What is a flee clause?A flee clause is a clause in a trust instrument which purports to automatically transfer the trust assets, the trusteeship and...
Who may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a beneficiary under a trust, even if...
Creation of new trusts in the exercise of powers under existing trustsFor capital gains tax purposes, if property passes into a new settlement, there...
Appointment of original trusteesThe trustees must be clearly identified in the settlement deed. For example:'THIS SETTLEMENT is made the ....... day...
Constituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust are:•there must be property or rights...
Sufficient fundsTo determine whether or not the settlor will be left with sufficient means to provide for themselves after creating a settlement, the...
Creation by transfer of property to trusteesIn practice trusts will frequently be created by a settlor transferring assets to independent trustees on...
The nature of a life interest trustIn its basic form the life tenant is entitled to income produced by the trust fund or to the use of trust assets....
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Scottish Law
