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Analysis of the Rationale behind the Rule that Non-charitable Purpose Trusts Are Unenforceable - Research Paper Example

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The paper "Analysis of the Rationale behind the Rule that Non-charitable Purpose Trusts Are Unenforceable" states that the validity, applicability and enforceability of non-charitable purpose trust continue to be challenged on the rationale of lack of the clear identification of beneficiaries…
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Analysis of the Rationale behind the Rule that Non-charitable Purpose Trusts Are Unenforceable
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Download file to see previous pages In fact, trust has been a rather conspicuous beneficiary of equity since the former is an invention of the latter2. Generally, trust laws are applied in situations in which an individual places trust and confidence in another or others to handle or manage his/her affairs. While the law of equity governs the individuals entering such relationships, the law of trust offers the mechanisms for dealing with the different situations and circumstances of such relationships including pension funds, family relationships and charities among others. Although most cases such as estoppels and secret trusts allow the courts to easily deal with the formalities of property laws, there are certainly unique and technical situations and terms with which one needs to be conversant to understand trust law3. Trust law, whose applicability may start before or after a trust commences has the objective of clarifying the activities and purposes for which trusts are created. The validity of trusts may be dependent on the nature of its creation, whether an oral declaration or an instrument created in writing such as a will or a codicil. Additionally, a trust may be created by mere conduct, without involving any technical expressions or activities. However, unit trusts, real property trusts and non-charitable purpose trusts must only be created by written instruments. Trusts could also be identified as either valid or invalid. In fact, trusts that purport to or are contrary to the law are considered invalid. Similarly, trusts without identifiable and ascertainable beneficiaries are also regarded as invalid in the courts. The only exceptions in this latter case are those trusts on which charitable purposes are attached. Notably, trusts with enforceable non-charitable purposes are also considered valid. However, generally, a trust may be invalid if a court declares it so, in most cases, a properly constituted trust being generally regarded as valid and enforceable.  ...Download file to see next pagesRead More
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