Bullard v Bullard & Anor

Bullard v Bullard & Anor

The trust deed, as drafted, did not create interests in possession for minor beneficiaries due to the application of section 31 of the Trustee Act 1925. There is convincing evidence that the settlor intended all primary beneficiaries to have interests in possession. The court has power to rectify the trust deed to exclude section 31 and give effect to the settlor's true intention.

Parties
Claimant: Patricia Marigold Bullard; Defendant: William Harry Bullard; Defendant: Virginia Winifred Faire
Jurisdiction
England and Wales
Judgment Date
05 January 2017
Procedural Posture
Civil (trusts) / Judgment on Claim for Construction or Rectification of Trust Deed
Outcome
Claim allowed; rectification granted
Legal Topics
Rectification of Trust Deeds, Construction of Trust Instruments, Interests in Possession, Trustee Act 1925 Section 31
Trust Law Equity Rectification of Trust Deeds Construction of Trust Instruments Interests in Possession Trustee Act 1925 Section 31

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Parties

Patricia Marigold Bullard

Claimant

William Harry Bullard

Defendant

Virginia Winifred Faire

Defendant

Procedural Posture

Civil (trusts) / Judgment on Claim for Construction or Rectification of Trust Deed

Legal Issues

  1. 1 Whether section 31 of the Trustee Act 1925 divested minor beneficiaries' interests under the trust
  2. 2 Whether the trust deed should be rectified to reflect the settlor's true intention

Ratio Decidendi

The trust deed, as drafted, did not create interests in possession for minor beneficiaries due to the application of section 31 of the Trustee Act 1925. There is convincing evidence that the settlor intended all primary beneficiaries to have interests in possession. The court has power to rectify the trust deed to exclude section 31 and give effect to the settlor's true intention.

Court Disposition

Claim allowed; rectification granted

Orders

  • Rectification of the deed of trust for the Bullard Family Trust to exclude section 31 of the Trustee Act 1925 and create interests in possession for all primary beneficiaries