Continue reading "Trusts: Sub-trusts and formality"
Continue reading "Trusts: Anything to declare?"
John Vincent Sheffield (JVS) and his wife Ann Sheffield bought 1,000 acres of land in Hampshire in 1968 as tenants in common, with JVS owning 25% and Ann 75% (the 1968 settlement). The land included two farms, numerous residential properties and some shooting rights over adjoining land. Ann died in 1969 and left JVS a life interest in her estate and thereafter to their son Julian. In 1971 JVS married France (who predeceased him) and he lived on the estate until his death in May 2008.
In May 1976 JVS agreed a farming partnership of the farming land on the estate. JVS was entitled ...
Mostyn J granted an application by the applicant (W) to set aside transactions pursuant to s37(2) of the Matrimonial Causes Act 1973 that had been made by the first respondent (H) on about 2 December 2010 by which H disposed of his 86.4% shareholding in D Holdings Limited (DH). None of the respondents opposed the application. There was an issue whether or not the effect of the order operated retrospectively for all purposes, including fiscal purposes. Judgment was reserved and further written submissions were invited to determine whether the order setting aside the transact...
Continue reading "Trusts And Property: Declarations of trust in the family home"
Continue reading "Trusts And Property: Declarations of trust in the family home"
Ernest Cotton (Mr Cotton) and Mary Cotton (Mrs Cotton) won about £107,000 on the National Lottery and made mirror image wills on 16 May 1997 that provided for the survivor to take the entire estate of the first to die and, on the death of the survivor, for it to pass equally to their three children, who were the claimant and defendants. When Mr Cotton died on 7 February 2008 there were two jointly-held accounts (respectively a deposit and current account) with the Coventry Building Society containing £49,186.98 and £2,622.08 (Accounts). Both were thenceforth owned legally and beneficiall...