Equity and Trusts Essay Example | Topics and Well Written Essays - 1250 words - 3

Equity and Trusts - Essay Example The constitution requirement is that the settler can declare himself the trustee of the settllor by transferring property to trustees. Notably, a trust must also be constituted, which is not achieved until the legal title to the property held under trust has been successfully transferred to trustees, which must follow the proper formalities. If a trust is not constituted, then the beneficiaries cannot claim anything because it is not enforceable. Therefore, Diana should assess whether the three sets of assets held on trust for her is enforceable. According to Turner LJ in Milroy v Lord, for a voluntary settlement to be effectual and valid, a settler is supposed to fulfil everything, which is needed in order to legally transfer the property and which must be in accordance to the nature of the property being settled. Therefore, the executor appointed by Sindy should note that for the entire asset left for her daughter and grandchildren to constitute a trust, Sindy must have transferred the trust property to the trustees and at the same complied with the specific formalities that are necessary for such assets to make a legal transfer, or else, since equity cannot perfect an imperfect gift, the trust will not be valid. Seemingly, Sindy has complied with specific formalities when transferring the assets to the trustees, but transfer of the assets to the respective trustees remains questionable because she died before fulfilling some of her intentions. Her attempts to ensure that the transfer is legal include attaching.