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(p. 132) 6. Formality, Perpetuity, and Illegality: Trust Creation and Public Policy I 

(p. 132) 6. Formality, Perpetuity, and Illegality: Trust Creation and Public Policy I
Chapter:
(p. 132) 6. Formality, Perpetuity, and Illegality: Trust Creation and Public Policy I
Author(s):

Gary Watt

DOI:
10.1093/he/9780198737650.003.0006
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date: 17 October 2019

Titles in the Casebook on series provide readers with a comprehensive selection of case law extracts for their studies. Extracts have been chosen from a wide range of historical and contemporary cases to illustrate the reasoning processes of the courts and to show how legal principles are developed. This chapter observes that there is no formality for the inter vivos creation of an express trust; considers the formalities relating to the testamentary creation of an express trust and examines how secret trusts and mutual wills bypass testamentary formality requirements; examines the formalities required for dealings with equitable interests under trusts and determines whether a dealing with an equitable interest under a trust is a ‘declaration’ of a subtrust or an outright ‘disposition’ of the equitable interest; and considers when a trust will be void for reasons of public policy, including on grounds of perpetuity or illegality. It shows that the traditional justification for formality requirements is the prevention of fraud, but it is arguable that their most significant use has been as a basis for raising taxes.

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