What is a declaration of trust, and what does it do?
A declaration of trust is a legal document which sets out who owns what. It is a document in which one person declares that they hold assets on trust for the benefit of one or more beneficiaries. A declaration of trust is a legally binding document which can be used to formally record the financial arrangements between owners of a particular asset.
A declaration of trust is most commonly used in family disputes in relation to property which has been purchased jointly by a couple, and/or with the financial assistance of someone else, such as a gift/ inheritance from parents. Within the declaration of trust you are able to record who has paid the deposit for a home, and how you would want to split the proceeds of sale in the future if you were to separate. It can provide clarity at what may be a difficult time, and hopefully reduce any disagreements in the future in the event that you separate from your partner and wish to protect your parents’ bequest.
Related FAQs
It has now changed. Instead of being 3 weeks, it is now technically any period. However, 7 days is the minimum claim period you can now make.
If you are using a privately owned electric scooter on private land, then a driving licence is not required. However, if you are using a rental electric scooter on the roads/cycle lanes, then a driving licence is required, and you must be over 16 years old to use one.
A rental e-scooter will be insured provided the rider has given the correct ID when hiring the scooter.
Any hearings attended in person will need to be approved by the judge hearing the matter, if necessary, in consultation with the regional lead COP judge. Such requests are highly unlikely to be granted during COVID-19 unless there is a genuine urgency. However, it is deemed to be appropriate matters are likely to be adjourned on the basis that a remote hearing is not possible and a hearing in person is not safe or possible.
You will need to check the provisions of the Will. The Will might say whether your dad intended to set the amount of gift off against your sibling’s share of their estate.
If your dad intended the sum of money he gave to your sibling as a completely separate gift, then you cannot deduct the sum of money from their share of the estate. However, your sibling will have to prove that this was your dad’s intention when he made the lifetime gifts, as it is presumed that a person would not make the same gift twice (known as the rule against receiving “double portions”).
The guidance asks parties to act responsibly and fairly in performing and enforcing contracts. They are encouraged to act in a spirit of cooperation to achieve practical, just and equitable outcomes. In essence, rather than sticking strictly to the contract as agreed, they are encouraged to give each other leeway to deliver performance differently than they are required to do under the contract.