NaimExplain

Why shouldn't there be a resulting trust of a joint deposit account upon the transferor's death allowing the survivor a beneficial interest, who has made no contribution to the account? Answer: Allowing survivor beneficial interest is arguably form of testamentary disposition that bypasses Statutory formality requirements

What happens to money in a joint deposit account when the transferor dies (survivor has made no contribution to the account)? Answer: 1 resulting trust in favour of transferors estate 2 paid over to other party

What is the most common area of transfer of property into joint names? Answer: Joint deposit account opening where transferor or depositor alone retains control over the money in the account during their lifetime but displays the intention that the balance should go to the other party should they survive depositor.

How can intention rebut presumption of a resulting trust? Answer: Evidence of an intention to benefit the transferee, Standing (transfer of stock to godson, presumption rebutted)

What cases may a trust purpose be fulfilled whilst the property is still on trust? Answer: Where property is given for the maintenance or education of specified persons (kids might get full education but their property still on trust).

What is the guiding principle in the constitution of trusts by conveyance? The settlor must do everything in their power to transfer the property - Re Rose (settlor done all in his power to divest himself of shares), Milroy (failed to register the transfer of property), Pennington (donor intended to make an immediate gift of shares, would have been unconscionable for her to recall them, fully constituted).

What happens if conveyance requirements are not fully complied with? Answer: Where the settlor has done everything in their power to transfer the title to the property but cannot ensure compliance with some formality which is outside their control, will be completely constituted

What must you do to completely constitute a trust by conveyance? Answer: 1 effective transfer of the property to be included in the trust 2 settlors intention to convey is not enough - McArdle, Milroy (the settlor must have done everything which it is necessary to do to effect the transfer).