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Complete 12 pages APA formatted article: Equity and Law Trust. The parties to the trust must comply with certain formalities as mandated under section 9 of the Wills Act 1873 and section 53 of the Law
Complete 12 pages APA formatted article: Equity and Law Trust. The parties to the trust must comply with certain formalities as mandated under section 9 of the Wills Act 1873 and section 53 of the Law of Property Act 1925. Under the Wills Act 1873, section 9 thereof so states that all testamentary trusts must be made in writing and signed by the testator in the presence of witnesses. The testator may also authorize another person to sign the Will in his or her behalf. In the absence of a written document to serve as evidence of the testamentary trust, the said trust may be considered as non-existent. In similar circumstances, under the law of Property Act 1925, section 53 (1) (b) states that “a declaration of trust respecting any land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust or by his will.” As with the case of testamentary trusts, the failure of the parties to put everything in writing will make the trusts agreement unenforceable.
How do the laws of trusts and the laws of equity work together? According to the decision of the Court in the case of Milroy v Lord1, an attempted transfer by the owner to the trustee might be considered valid even when the formalities required by law are not met. However, for the transfer to valid, the owner must do all the things necessary to divest himself or herself of his or her rights over the property in question. In the words of Turner LJ in this case, for a voluntary settlement to be valid and enforceable, the person who wished to convey the property as a gift must do everything which “according to the nature of the property” is necessary to “transfer the property and the render the settlement binding upon himself.” 2 However, in the subsequent case of Jones V Locke (1865)3 where the decision of the case of Milroy v Lord4 was taken into consideration, the fact that the father who placed a cheque in the hands of the baby died before he was able to deposit the cheque in the bank in the .name of the baby was held to have not fulfilled the requirements set in the case of Milroy v Lord.
