Equity and Trusts Essay Example | Topics and Well Written Essays - 2250 words

Equity and Trusts - Essay Example Because of the implementation of the principles of equity, the concept of Trust was invented. Trust is said to apply in circumstances in which an individual places his/her trust in another person to run his/her affairs2. Such relationships based on trust are fully governed by the principles of Equity. The concept and principles of trust have since been used in the legal system to handle a number of situations particularly those dealing with pension funds, charities and family relationships among others. There are certain technical terms that one must be conversant with for the best understanding of the concepts of Equity and Trust. Among these terms are proprietary estoppels, secret trust and fiduciary, purpose trust, fixed trust, discretionary trust, resulting trust charitable trusts, personal remedies and constructive trusts. Similarly, it is vital that all the elements of cases related to trust and equity such as proprietary estoppel should be clearly understood and determined. Among the cases that have emphasized the relevance and applications of Equity and Trust in the legal system is Thorner versus Major [2009] UKHL 18, [2009] 1 WLR 776 which this paper explores among other related cases decided earlier. There are certain elements that must be addressed, understood and proved for a proprietary estoppel claim to be successful. First, proprietary estoppel refers to legal claims built on the basis of any rights to possess, inherit or use a property such as land and house3. These claims are mostly caused by disputed transfers upon the death of the owner of the property in question. There are numerous steps or stages into which proprietary estoppel may be divided, more so regarding the causes of these estoppels. Foremost, a party or an individual may represent or assure the other that he/she intends to transfer the ownership of a property without any legal effects or