LAW20015 Study Guide - Final Guide: Time Deposit, Knowing Receipt, Chirnside
Document Summary
Trustee holds it for the benefit of the beneficiaries. Settlor establishes terms on which trustee holds property. Trust deed/instrument need it when the trust is about land. Don"t need any particular words, only needs to be in writing. Fiduciary relationship relationship for benefit of beneficiary, with obligations and duties that attach. Must act in best interests of the beneficiary. Duty not to benefit from the trust (other than charging clauses) Trustee can be a beneficiary (one person can have all three roles). Can"t be the sole beneficiary though, because you would only owe duties to yourself. The legal and beneficial ownership wouldn"t be separated. Spry qc, the author of equitable remedies , tried to do unacceptable things with his trust. He was the only settlor and the only trustee. But the trust had been set up ten years before the wife existed! Initially there were four beneficiaries (wife and three kids)
