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Equity: Trust and Non-Trust Powers of Appointment

Quiz by samparkin92
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Last updated: November 23, 2023
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First submittedNovember 9, 2023
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Hint
Answer
What is known as when an appointor transfers property to who gets what and how much?
Power of appointment
What is known as when property divided to set people and set amount?
Fixed Trust
What is known as when appointor chooses who gets what and how much in a trust?
Discretionary trust
Power held by the beneficiary or private individual?
Mere
Power held by the trustee?
Fiduciary
When do the beneficiaries rights arise in this case?
When chosen (appointed)
What are these types of power called?
Non-trust power of appointment
Hint
Answer
Two types of discretionary trust?
Exhaustive
Non-exhaustive
How long is the period of perpetuity?
125 years
What duty does a trustee have for these
Duty to consider choice
When can a non-chosen beneficiary take a trustee of a discretionary trust to court?
If they can prove they haven't acted in good faith (bona fide)?
What is the certainty of objects test in fiduciary powers and discretionary trusts?
'Is or is not' test
What cases clarified this?
Re Gestetner [1953]
McPhail v Doulton [1971]
Case with three different definitions for relative?
Re Baden (No 2) [1973]
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