What are the main features of a trust?  (4)

1. Seperation between legal owner of the trust property and the persons(s) who have the benefit of it.
2. Trustees must use the property in accordance with the purpose for which the trust was created.
3. Trust property is seperate from both the trustees private property and the property of the person who created the trust
4. A trust can only be enforced by the beneficiaries unless the settlor specifically reserves the right to enforce the trust

• Fraud, duress or mistake present
• the terms of the trust provide for it.

• Certainty of intention
  • The settlor must show a clear intention to create a trust
• Certainty of subject matter
  • The trust property must be clearly identified or identifiable.
• Certainty of 'objects'
  • The beneficiaries of the trust and the benefits must be certain.

• Power of amendment
• Consent of all beneficiaries - no minors or those incapacitated.
• Statutory power or court order

• Where the trustee has distributed all proceeds to the beneficiaries
• Express terms under the trust deed
• Beneficiaries can request trust property be transferred to them and trust terminated.

• C enforceable if made under seal or supported by consideration - beneficiary under trust can enforce trust without consideration.
• Only the parties to a contract can enforce it (where rights of Third Parties Act has been excluded) - Trust can only be enforced by the beneficiaries (unless settlor specifically reserved the right when trust created).
• Major breach of contract may lead to termination - Trust cannot be terminated as a result of a major breach.
• Trusts exist for a long time
• Trusts capable of variation
• Courts have the power to vary the provisions of a trust and advise trustees on the proper scope of their powers.