Ok I am trying to do this trusts assignment and one of the transactions to which I have to give advice as to the validity and effect of is of a man purporting to create a trust by declaration of $2000 of the money presently invested in a term deposit. He wants the beneficial interest to be vested in his wife but for him to remain the legal owner - so that he becomes trustee.
I have come across the rule that a person cannot create a valid trust over property that is future property - such as dividends that he may never become entitled to.
My question is - what is the legal status of money in a term deposit? Would it be present or future property in the hands of the account holder?
I don't really know much about financial matters/bank accounts etc.
Please help!



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