TRUST LAW

Trust Law

Trust Law

INTRODUCTION

This paper intends to explore the Trust law that involves the transfer of property involving unmarried couples and their children. The term trust refers to the institution of the legal system of Anglo-Saxon of the common law. The main focus of this paper is on answering the two given questions regarding trust law. I will argue that this problem and the debate that it generates are best understood as a problem of legal validity of cohabitation, or bindingness. Questions of legal validity of cohabitation, or bindingness, include questions about the conditions under which a given rule is valid.

The social acceptance of cohabitation has changed over time. From the 1970's to the 1980's, Australians became more accepting of non marital cohabitation with more people agreeing that cohabitation was a “worthwhile experiment” and that it was a good idea to live together before marriage. Each successive cohort has been more likely to cohabit than the previous cohort. However, where people think cohabitation as a benefit that they are not liable for many of their responsibilities as of married spouses, at the same time the law does not protect the rights of couples living together like it protects the rights of married couple. The situation gets very complicated for the couple who is cohabiting or in other words unmarried couple. In such cases, law does not govern their situations in case if they face any critical situation in terms of monetary or non-monetary. Where there are advantages of cohabitation, there are disadvantages too. Unfortunately the youth generation does not foresee the future consequences, they only see the present where cohabitation attracts them the most.

DISCUSSION

When it comes to estate planning and elder law issues, this development is actually appalling news for the unmarried opposite-sex couples who fail to do any estate and financial planning. That is because being unmarried often carries serious financial consequences which requires prudent advance planning. Unmarried couples are not eligible for many of the same legal protections or advantages as married couples in matters involving estate planning. This can be extremely complicated in matters surrounding heritage, retirement planning, taxes, estate planning and acquisition of real estate.

Question 1

Matilda's father is claiming the first hotel owned by Matilda was held on a resulting trust in his favour and that upon Matilda's death the property should revert to him;

Matilda was gifted a hotel by his father and she had been running that before she met Simon. Her father transferred the hotel on her name alone, thus she was the sole owner of the hotel. When Simon and Matilda got involve in a relationship, they decided to live together, but they did not marry. Since Simon was not successful in his own business, he decided to help with the hotel business of Matilda. They had a child named Michael, who is now of 18 years old. Then later, because of an unforeseen incident Matilda died in a tragic accident. However, the father of Matilda never liked Simon and wishes to ...