The trust is a frequently used institution for managing business and personal affairs. It has deep historical roots in the operation of the Court of Equity. The course explores and explains the doctrines which control the duties of a modern trustee, the rights of beneficiaries to a trust, and the operation of a modern trust. The duties of an executor /trustee will also be discussed, as will remedies available to a disaffected beneficiary.

DELIVERY MODE

• Face-to-Face

COURSE OUTLINE

• The origins of the trust and the operation of the Court of Chancery
• The trust compared with other legal institutions - bailment/contract/executor etc
• Types of trust - express, implied, fixed, discretionary  - most emphasis will be placed on the discretionary "family" trust
• Settling a trust; common trust provisions; the "beneficiary" principle
• The duties of the trustee/executor - execution of the trust; preservation of property; "letter of wishes" - the trustee's right to indemnity/exoneration
• The rights of the beneficiary
• Remedies available to the beneficiary upon trustee default
• "Protection" of a trustee by seeking judicial advice, statutory exoneration

LEARNING OUTCOMES

By the end of this course, students should be able to:

1. Read and understand a modern trust deed, the duties and liabilities of a trustee, the entitlements of a beneficiary, and potential judicial remedies