LAW

Equity and Trust Law

Equity and Trust Law

Introduction

Heatherington Terrace comprises four cottages in the Forest of Dean which is owned by Anne's father. According to his devised will cottage numbers 1 and 2 owned by Anne's father. He give number 1 to his widow Ellen and after her death to Anne. Cottage number 2 outright to Anne, who, after her father's death, purchased number 3 and 4 as the freeholds came onto the market, the cottages remaining tenanted. Anne diagnosed with terminal illness, and she decided to prepare her will, and distribute her four cottages among Ben Connor (her friend), (her ex-boyfriend) Hal Baker, (her god-daughter) Carrie James and (her niece) Isabel Kahn. Anne has died, and her estate will be properly distributed as per the Equity and Trust Law.

Equity and Trust Law

Trust Law and the Trust itself originated in England during the 12th and 13 Century at the time of the Crusades. The origin is in the feudal era lie. The feudal landowners, who took part in a crusade, needed suitable and reliable stewards of the goods during his absence, which also adequate representation and power available. This regulates under a legal relationship by the feudal landowners have a property to a manager (trustee) entrusted with the bond requirement of this property after his return transfer back to the former owners. The crusade participating previous owner of the goods has been the beneficiary (beneficiary) from the arrangement. As a trustee, preferably, a good friend of the feudal lord used.

English law (common law) knew at the time, however, no legally enforceable right (writs) for restitution of property due to such a legal relationship. Therefore, the trustee refused the restitution of property, so this could not sue the previous owner (beneficiary). A petition to the Lord Chancellor (Court of Chancery), the former owner, could achieve that-nonetheless, a decision according to law and equity taken. This was the origin of the equity jurisdiction in English law.

The original purpose of the trust has broken down the centuries by the family law principles and, the trust is to be found today in many forms once again. A trust is in a legal sense one of a person under the survivors or in case of death established legal relationship, when assets in favour of a beneficiary or for a purpose apart and tied the administration of Trustees assumed.

The trust law governs the rights and obligations of the Trust acting persons. The definition of what constitutes a trust is inherently difficult Like an elephant a trust is difficult to describe but easy to recognize.

The Trust is how he by courts of equity, justice (equity) in the countries of the Common Law developed and adopted with some changes in other countries, a unique legal institution.

The trust is the legal transaction by which the trust property constitutes a set of property rights or other real or personal rights that transmitts by the settler to the trustee for administering or exercised. In accordance with the instructions contained in trust for ...