By Emma Warner-Reed
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Additional info for Equity and trusts
Alternatively, their claim could fail under the doctrine of laches, where there has been a delay in bringing an action. The maxim ‘delay defeats equity’ is often not required because of statutory limitations imposed on bringing an action by the Limitation Act 1980. You can find out more about both the Act and the doctrine of laches in Chapter 13 on breach of trust. Equity will not assist a volunteer A ‘volunteer’ in this context is not the person who helps out on the cake stall at the local village fête.
Alternatively the beneficiary can be a specified group of persons, such as ‘children’, ‘nephews’ or ‘relatives’. It might also include the settlor’s ‘heirs’, meaning anyone who is entitled to inherit on the settlor’s death, or ‘issue’, meaning any descendants of the settlor. These groups of persons are often referred to as a ‘class of beneficiaries’. The beneficiary (or class of beneficiaries) is commonly described as the ‘object’ of the trust because he or she is the object of the settlor’s wishes: the person the settlor intends to benefit.
Legacies or bequests can be made either of money or of personal, moveable property, or ‘chattels’. An example of a legacy or bequest of a chattel might be a gift of a treasured piece of jewellery made by a testatrix to her favourite niece, or a more substantial gift such as the family home, to be shared between the testatrix’s children. Gifts of money are known as ‘pecuniary legacies’. You should note that legacies or bequests need not necessarily be made to individuals; a charitable donation of £10,000 to a testator’s favoured charity would also come under this heading.