Perpetuity meaning

See Q&A: A is named executor of T’s estate, but dies before the administration is fully finalised. In A’s Will, B is appointed as A’s executor. When, if at all, may B take over the administration of T’s estate? Section 7 of the Administration of Estates Act 1925 provides that an executor who proves their testator’s Will thereby becomes executor of any Will for which that testator was the sole or last surviving proving executor then. This chain of representation continues in perpetuity thereafter...

In this issue: Key developments and horizon scanning Environment, energy and buildings Transferring property Property development Property management Property taxes Property in Wales Property in Scotland Additional property updates this week Daily and weekly news alerts New and updated content Trackers Key developments and horizon scanning Government response to contractual controls on land consultation The Ministry of Housing, Communities and Local Government (MHCLG) (previously the Department for Levelling Up, Housing and Communities) has issued its reply to the consultation on contractual controls over land. The consultation sought opinions on proposals to improve openness around land held under private arrangements—such as options, conditional contracts and rights of pre-emption—by establishing a freely available dataset. MHCLG’s reply draws together respondents’ views and sets out decisions and forthcoming actions, including new duties to provide HM Land Registry (HMLR) with details of contractual control arrangements. MHCLG has also released draft regulations—The Provision of Information (Contractual Control)...

The Court of Appeal concluded that nothing in the overall terms of the 2013 licensing agreement supports the contention that only the architect could terminate the arrangement, as opposed to the company, Zaha Hadid Limited. Sir Colin Birss, the Chancellor of the High Court, presiding over a three-judge panel, explained that the contract’s wording shows the term was meant to be ‘indefinite’ rather than to continue ‘in perpetuity’. Put another way, it does not claim to bind the parties forever. The arrangement can be brought to a close and, from the language used, one would infer it was capable of termination by either party on reasonable notice. In December 2024, Judge Adam Johnson held that the agreement did not confer on the company a right to terminate on reasonable notice. The High Court judge then refused permission to appeal his ruling. He stated he could not identify a construction of the contract’s termination clause that would grant the company, rather...

Definitions of charity and charitable trust A charity is an institution established solely for charitable purposes and subject to the High Court’s charity jurisdiction. A charitable purpose falls within section 3(1) of the Charities Act 2011 and is for the public benefit. Charity trustees are those with overall control and management. Trusts are the provisions that establish and regulate a charity’s purposes and administration, whether or not they take effect as a trust. A charity relates to the legal persons; a charitable trust to the wholly charitable objects for which property is held, whether or not a charity exists. Charitable purposes must also be for the public benefit. The Charity Commission must issue guidance, and trustees must have regard to it, showing awareness, consideration in relevant decisions, and sound reasons for any departure. Benefits must produce demonstrable impact on the community or a sufficient section, be recognised by law, identifiable and, where needed, evidenced. Invalid purposes: making a profit; political activism; or mixed purposes not...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

The nature of a discretionary trust Underhill and Hayton: Law of Trusts and Trustees offers a clear account of what marks out a discretionary trust. Such a trust exists where beneficiaries’ shares are not predetermined but hinge on the use of discretionary dispositive powers held by trustees or other authorised holders. A straightforward illustration is a settlement under which assets are placed with trustees to divide the income among such of A’s children and grandchildren as they consider appropriate. Less intuitively, the label also applies where beneficiaries hold fixed distributive rights that can nevertheless be defeated if a power is exercised to appoint the property to another person (see Underhill and Hayton—Fixed and discretionary trusts [5.5]). In a discretionary trust, the trustees are empowered to pay or apply income, capital, or both, to or for the benefit of all, or any one or more, to the exclusion of others, within a defined class or group of persons...

This TRUST is created on [ date ] Parties [ settlor ] of [ address ] (the Settlor) [ original trustees ] of [ addresses ] (the Original Trustees) Background The Settlor intends to establish this Trust for the beneficiaries’ benefit and has paid to the Original Trustees [ £[ amount ] cash ] to be held upon the trusts set out below. Further assets may, in due course, be transferred to the Trustees (as defined below). [ This Trust is to be irrevocable. ] [ The Original Trustees consent to serve as the initial Trustees...

AT THE [ HIGH COURT OF JUSTICE ] [ CHANCERY DIVISION ] Claim Number [ xxx ] [ BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES ] [ PROPERTY, TRUSTS AND PROBATE LISTt ] Before [ name ] Dated [ date ] [ Claimant’s name ] Claimant and [ Trustee ] [ Trustee ] [ Adult beneficiary ] [ name of beneficiary ] (a child by [ name ] his/her litigation friend) [ name of beneficiary ] (a child by [ name ] his/her litigation friend) Defendants _____________________________________ DRAFT/SCHEME OF ARRANGEMENT _____________________________________ For this Arrangement, the expressions set out below shall, insofar as the context allows, carry the following definitions: 1.1 ‘The Trust’ refers to the trust deed dated [ x ] and described as [ y ]; 1.2 ‘The Operative Date’ signifies the date of the Order of [ Master...