Question
Maria feels as though she is getting too old to manage her property interests and look after herself and her family. Maria wishes to place
Maria feels as though she is getting too old to manage her property interests and look after herself and her family. Maria wishes to place three commercial properties in her portfolio in trust for her 30 year old son, Luca. Luca is permanently and severely intellectually disabled. Maria wants Luca to be the sole person entitled to any income coming from the properties during the life of the trust, and for the trust to manage this income for Luca. She wants her other son, James aged 34 and her nephew Daniel aged 42 to be in charge of the trust for Luca. Maria wants to retain some power; however, she wants to make sure she approves any changes to the trust deed, and has the power to appoint and remove either James and/or Daniel from their responsibilities.
Which role/s would each of the following characters fulfil in creating a valid express trust?
(Examine legal concepts and scope of law covering trusts with particular reference to: structure of a trust; trust deed; common law duty; role and responsibilities of a trustee; types of trusts; member meetings; corporate management; member remediation; bankruptcy and insolvency).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started