#equity #formalities #law
If a settlor (S) wishes to give the benefit of his property (Blackacre) to someone (B), there are three basic methods of doing so (all mentioned in Milroy v Lord (1862) 31 LJ Ch, discussed in Chapter 5):
- In the most straightforward case, S as legal beneficial owner of property may make an outright gift to B, by transferring the legal title to B, the beneficial interest passing with it to B;
- S may transfer the legal title to trustees (TT) and declare that they are to hold on trust for B; TT will hold legal title and B will be the equitable owner. This method combines features of 1 and 3;
- S may retain the legal title but declare that henceforth he holds Blackacre on trust for B. S has declared himself trustee of the property for the benefit of B, who is now the equitable (but not legal) owner of Blackacre.
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