In order to create a valid trust, there must be sufficient certainty in the terms of that trust. Three forms of certainty are required by the courts;
- certainty of intention to create trust;
- certainty of the identity of the subject matter comprising the trust fund; and
- certainty as to the beneficiaries (or objects) of the trust.
The creation of an express trust involves the existence of a relationship between the three different roles of settler, trustee and beneficiary.
According to Turner LJ, the settlor may constitute an express trust by either transferring the property to the trustee or by a self-declaration of trust. In case of self-declaration of trust, no transfer is needed. There are certain formalities which require to be satisfied before the property is validly transferred, based on the type of property involved as the general principle is that equity will not perfect an imperfect gift.
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