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Thread: can someone explain a term deposit - legal assignment

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    God/dess jaizaine's Avatar
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    Default can someone explain a term deposit - legal assignment

    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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    Default Re: can someone explain a term deposit - legal assignment

    As far as my taxes are concerned it is counted as present money as my term desposit is with ING Direct which updates me monthly on the status of my term deposit.


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