Bare trusts: examples: introduction
If there is a bare trust, it may be such for one of two reasons.
- It may have become a bare trust as the result of the occurrence of a contingency, for example, the death of a beneficiary, an act of appointment or advancement, or a person reaching a particular age. Examples of this kind of event are discussed at CG37000+.
- It may have always been a bare trust. Examples of the kind of case which may arise are discussed in the paragraphs following.
This distinction is somewhat arbitrary. A trust may be bare because a contingencyenvisaged has already occurred. A good example of this is a will which provides that MissC will become entitled to property if and when she attains the age of 25. If the testatorlives beyond Miss C’s 25th birthday then once the residue of the estate is ascertained,see CG30780+, or an assent is made, see CG30900, there is a bare trust. Before that anyliability on a disposal would fall on the executors.