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Equity and Trusts Assignment 3 England and Wales - Essay Example

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The principles of equity contributed greatly to the development of the principles of Trust. Trust law is applied whenever a person has placed confidence and trust of…
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Equity and Trusts Assignment 3 England and Wales
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"Equity and Trusts Assignment 3 England and Wales"

Download file to see previous pages The wishes contained in Vera’s will upon her death amounted to issues relating to equity and trusts law. Actually, it relates to charitable trusts. Under the Charitable Act 2006, Vera’s wish as contained in her will is considered as charitable gifts. These gifts can be defined as gifts that are given by either the legal or physical person to benefit a particular cause, often known as charitable purposes. Most charitable givers, like Vera, mostly employ the services of executors and trustees to execute their charitable cause. Executors and trustees are the people who have fiduciary duty of property administration, a duty which they should discharge in consistence with testator’s wishes (as expressed in his or her will) (Dollimore, 2007, p. 56). The law requires that the validity of the charitable gifts be ascertained. Therefore, executors and trustees should be conversant with the criterion of determining such validity. Determination of validity of the provisions contained in a testator’s will is crucial in ensuring that such wishes meet the legal threshold. It is against this background that it is important to determine the validity of Vera’s wishes.
In her will, Vera gave all her property to her executors and trustees upon trust to sell the same and to hold the proceeds of sale as a trust fund upon trust in two halves. The first half was aimed at promoting research into the theory that the pyramids were built by aliens from another world. According to Edwards and Nigel (2007, p. 71), under the Charities Act 2006, this is considered as a valid cause because its main purpose is to promote education. Education as a charitable purpose is founded on Charitable Uses Act 1601 and has been further expanded under the Charities Act 2006. Over the years, the common law has recognized education as a charitable purpose that covers a wide area. The education category includes ...Download file to see next pagesRead More
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Equity & Trusts
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