English trusts law in the context of "Settlor"

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⭐ Core Definition: English trusts law

English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fund managers invest assets for people who wish to save for retirement). Although people are generally free to set the terms of trusts in any way they like, there is a growing body of legislation to protect beneficiaries or regulate the trust relationship, including the Trustee Act 1925, Trustee Investments Act 1961, Recognition of Trusts Act 1987, Financial Services and Markets Act 2000, Trustee Act 2000, Pensions Act 1995, Pensions Act 2004 and Charities Act 2011.

Trusts are usually created by a settlor, who gives assets to one or more trustees who undertake to use the assets for the benefit of beneficiaries. As in contract law no formality is required to make a trust, except where statute demands it (such as when there are transfers of land or shares, or by means of wills). To protect the settlor, English law demands a reasonable degree of certainty that a trust was intended. To be able to enforce the trust's terms, the courts also require reasonable certainty about which assets were entrusted, and which people were meant to be the trust's beneficiaries.

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English trusts law in the context of Duress in English law

Duress in English law is a complete common law defence, operating in favour of those who commit crimes because they are forced or compelled to do so by the circumstances, or the threats of another. The doctrine arises not only in criminal law but also in civil law, where it is relevant to contract law and trusts law.

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English trusts law in the context of Court of Chancery

The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid a slow pace of change and possible harshness (or "inequity") of the common law. The Chancery had jurisdiction over all matters of equity, including trusts, land law, the estates of lunatics and the guardianship of infants.

Its initial role differed somewhat: as an extension of the lord chancellor's role as Keeper of the King's Conscience, the court was an administrative body primarily concerned with conscientious law. Thus the Court of Chancery had a far greater remit than the common-law courts (whose decisions it had the jurisdiction to overrule for much of its existence) and was far more flexible.

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English trusts law in the context of English property law

English property law is the law of acquisition, sharing and protection of valuable assets in England and Wales. While part of the United Kingdom, many elements of Scots property law are different. In England, property law encompasses four main topics:

Property in land is the domain of the law of real property. The law of personal property is particularly important for commercial law and insolvency. Trusts affect everything in English property law. Intellectual property is also an important branch of the law of property. For unregistered land see Unregistered land in English law.

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English trusts law in the context of Formality in English law

Formalities in English law are required in some kinds of transaction by English contract law and trusts law. In a limited number of cases, agreements and trusts will be unenforceable unless they meet a certain form prescribed by statute. The main kinds of formality that a statute can require are to put the transaction in writing, to make a deed, or to register it at a government registrar (such as HM Land Registry or Companies House).

While contracts and trusts can be generally created without formality, some transactions are thought to require form either because it makes a person think carefully before they bind themselves to an agreement, or merely that it serves as clear evidence of the transaction.

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