W2 - Beneficiaries
9 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

By his valid will, the testator made the following disposition: ‘I give £10,000 to my trustees to be distributed between my children and my friends in such shares as my trustees shall determine.’ The executors of the testator’s will have paid £10,000 to the trustees.

  • The trustees must distribute the money amongst the testator’s children and friends.
  • The trustees must distribute the money amongst the testator’s friends.
  • The trustees hold the money on a resulting trust for the testator’s estate. (correct)
  • The trustees must distribute the money amongst the testator’s children.

    • By his valid will, the testator made the following disposition: ‘I give £10,000 to my trustees. £5,000 is to be distributed to my children, and £5,000 is to be distributed to British men, in such shares as my trustees shall determine.’ The executors of the testator’s will have paid £10,000 to the trustees. Which one of the following describes the trustees’ position in relation to the £10,000?

  • The trustees hold £5,000 on discretionary trust for the testator’s children and £5,000 on discretionary trust for British men.
  • The trustees hold £5,000 on discretionary trust for the testator’s children and £5,000 on resulting trust for the testator’s estate. (correct)
  • The trustees hold £10,000 on resulting trust for the testator’s estate.
  • The trustees hold £5,000 on discretionary trust for British men and £5,000 on resulting trust for the testator’s estate.

    • True or false: Evidential uncertainty in connection with the objects of a trust is fatal to all types of trust.

    False

    True or false: The trustees of a fixed trust have a distributive discretion.

    <p>False</p> Signup and view all the answers

    True or false: The objects of a discretionary trust have proprietary rights in the trust property.

    <p>False</p> Signup and view all the answers

    True or false: A contingent interest can become vested

    <p>True</p> Signup and view all the answers

    A trustee holds property on trust for A for life, remainder to the first of B and C to get married and, if neither marries, to charity

    <p>A’s interest is vested in possession. B and C’s interests are contingent.</p> Signup and view all the answers

    A trustee holds property on trust for A for life, remainder to B (age 18) and C (age 16). A, B and C (all of whom are of sound mind) wish to use the rule in Saunders v Vautier to collapse the trust and divide the property equally between them.

    <p>A, B and C cannot collapse the trust until C reaches the age of 18.</p> Signup and view all the answers

    True or false: Only beneficiaries with vested interests in the trust property have Saunders v Vautier rights.

    <p>False</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser