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Alfonso's will contains, inter alia, various dispositions which are capable of resulting in various equitable concepts such as Gifts, Power of Appointments or more importantly Trusts.
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Alfonso's will contains, inter alia, various dispositions which are capable of resulting in various equitable concepts such as Gifts, Power of Appointments or more importantly Trusts. The trust involves a trustee holding property for the benefit of the beneficiary, this arises as a result of the fragmentation of ownership, and in this case was set up when the testator placed the property in the hands of his executors in order for them to pass them onto the beneficiaries. The beneficiary has no legal right to the property but the courts of equity recognise that the beneficiary holds an equitable right in the property. The type of trust which concerns us in this case is a testamentary trust1 which is made during a person's lifetime but implemented after his death by an executor2. Before a trust can be declared there are certain formalities and requirements which must be met, the most...
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