Case studies

"LexisPSL and the other Lexis solutions support our business in exactly the way we want. They enable us to quickly turn around work and deliver the best possible service to our clients."

SBP Law

Access all 4 documents on Precatory trust

GET ACCESS NOW

GLOSSARY

Precatory trust definition

What does Precatory trust mean?

A transfer or bequest of property to another with words of prayer, entreaty, recommendation, expectation or the like which, properly construed, amounts to a trust.

Precatory words can be construed as creating a trust. However, precatory words (such a desire, wish, hope or expectation that the donee will use the property in a certain way) can also be construed so that no trust arises unless the court comes to the conclusion that a trust was intended. Where precatory words are used it is ultimately a matter of construction whether a trust can be inferred.

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Creation of trusts—by Will

Trust draftingTestators frequently wish to include a trust or trusts in their Wills. Even if this is not the case, a trust may arise:•where a beneficiary is under 18 years at the death of the testator and the testator does not want the minor's parent or guardian to give a receipt on their behalf, there will need to be a trust of the minor's entitlement until they reach 18 and can give good receipt. In such circumstances it would be preferable to declare a trust expressly in the Will and so control the terms and trustees•where contingent gifts are made and including a trust would enable the property to be dealt with until the contingency is satisfiedOnce the decision has been made to include a testamentary trust, the form that trust will take must be decided. For example, if there is a wish to benefit the children, consider the requirements of a bereaved minor trust or an 18–25 trust.When drafting a Will trust, a number of matters must be considered:•the...

Introduction to Wills

CORONAVIRUS (COVID-19): For Wills made on or after 31 January 2020, the formal requirement for a valid Will to be witnessed in the presence of two witnesses includes both physical and virtual presence, to allow Wills to be validly witnessed remotely by way of video conference. For the latest guidance on this temporary change (which takes effect for Wills made up to and including 31 January 2024), see Practice Note: Coronavirus (COVID-19)—Wills. This change is introduced by the Wills Act 1837 (Electronic Communications) (Amendment) (Coronavirus) Order 2020, SI 2020/952 which amends Wills Act 1837 (WA 1837), s 9 and the Wills Act 1837 (Electronic Communications) (Amendment) Order 2022, SI 2022/18. This order was not renewed in 2024 so the ability to witness wills by video conference ceased on 31 January 2024. Note that the guidance below relates to WA 1837 in its unchanged form. For details of the new rules and the changes to WA 1837, s 9, see Practice Note: Coronavirus (COVID-19)—remote witnessing of Wills.Definition and purpose of a WillIn general terms, a Will is a document made...

Discover our 3 Practice Notes on Precatory trust

Clause—gift of personal possessions to trustees with request to carry out testator's wishes (precatory trust)

Clause—gift of personal possessions to trustees with request to carry out testator's wishes (precatory trust) I give to my Trustees for their own absolute use and benefit free of tax all my personal chattels as defined in Section 55(1)(x) Administration of Estates Act 1925 [(but including chattels used solely or mainly for business purposes)] not otherwise specifically disposed of by this Will or any codicil to it but

Dive into our 1 Precedents related to Precatory trust