Property law assignment about Implied trusts and family homes Essay

Property law assignment about Implied trusts and family homes - Essay Example The owner of the property  most commonly is referred to as the  settlor. Trustees are the individuals or individual with which the settlor initiates the agreement. The agreement typically stipulates that the trustees will manage the  property  in a manner that will be most beneficial to the settlor.†1 Thus the main role of trusts is to hold property in trust for somebody else and to return the properties or chattels once the settlor, or owner, demands it or the property in trust is shared in some equitable or just manner or in a manner decided by the Court or suitable land tribunal authority. The main aspect to be remembered is that the trustee is just holding the property of the settler in trust and not on ownership and thus he is accountable to the true owner of the property for all that transpires during the absence of the latter. Trusts could be both public and private. Public trusts inure for the public whereas private trusts are to control and oversee private trus ts which are owned by private agencies. â€Å"Property  trusts  can become the legal owners of property. There are many different types of  trusts  that individuals can use to protect assets after death. After forming property  trusts, individuals can transfer the ownership of their property into these  trusts for later distribution. ... By transferring the assets into an  irrevocable trust  before death, the assets are removed from an individual's estate. This lowers the value of the estate and eliminates the potential for estate taxes.2 Understanding of the trust instrument in terms of what it is and how it is a creation of equity. A trust instrument is a contract or agreement of trust, between the settler/ owner and the trustee with sets forth the terms and conditional ties of the trust transaction. Persons may monitor the appropriation of their properties during their lifetime through the medium of trusts. There are many genres of trusts and objectives for their creations. This may inure for the future benefit or financial need of the trust creator, a surviving spouse or children, or even for charitable purposes. Although the law recognizes a variety of trusts, the law comes down heavily on trusts whose primary objective are to avoid taxes, creditors or legal responsibilities and could declare such trusts voi d and unenforceable. Again, in spite of the fact that trust laws are onerous and complicated, the basic needs for trust are just in terms of whether a trust has indeed been created, its scope and depth, its legality or otherwise, public or private trusts and whether the trustee has indeed managed the trust well and in line with the objectives of trust covenant. An oral or written trust binds the contracting parties, in as much as the property matters are concerned. All of covenant signatories would have to honour their part of the commitments in as much as the trust is concerned. If one party or group of parties infringe the terms of the trust, it is well within the jurisdiction of the remaining parties to bring