Equity and trusts are legal areas with a diverse range of applications. They govern how charities are run, money is left to people in wills, and how our legal system functions overall.
Trusts are a type of fiduciary relationship in which someone, known as the grantor, gives another party (known as the trustee) permission to hold title to assets for others. A trust can be created to protect assets from creditors and also serve other purposes like providing beneficiaries with secure housing or making charitable donations.
It’s essential to comprehend how a trust works so that your loved ones are adequately protected and provided for when you are no longer present or have lost the capacity to assist them in some way. Setting up and administering a trust may seem complicated, but doing so will allow your beneficiaries to live a secure and fulfilled life even if you are no longer around to make decisions on their behalf.
Understanding Trusts and Equity & Law is an accessible book that provides a thorough introduction to the key themes in this field of law. It covers everything from express trusts and constructive trusts, trustee duties, breach of trusts and tracing, commercial uses of trusts, charities, equitable remedies and homestead trusts in plain English.
The course is broken up into modules, each covering a distinct aspect of trusts and equity law. The first module provides an introduction to English trust law before reviewing its history, reviewing fiduciary relationships law and discussing various forms of express trusts in detail. The second module examines purpose trusts such as charitable ones and addresses trustee duties and powers; finally, the third module addresses breaches of trusts and tracing while the fourth looks at equitable remedies within this field of law.
Students will acquire a comprehensive understanding of trusts and equity law through an exploration of its principles. This includes an outline of 17 equitable maxims that will guide them throughout the course, as well as an in-depth exploration of equitable remedies under the law.
Through the text, a number of practical examples will be provided to facilitate understanding of the rules and principles that govern trusts. These may include:
Qualified Terminable Interest Property Trust – This trust allows you to designate assets at specific intervals to different beneficiaries, typically spouse and children. Furthermore, it permits you to retain an interest in the trust for yourself while reducing gift taxes.
Separate Share Trust – A parent can set up a separate share trust for each of their children, providing them with financial security in case the parents pass away. It serves as an ideal way to provide for the education of future generations while leaving a financial legacy for your loved ones.