ABSTRACT
An express trust is completely constituted in accordance with the test laid down Milroy v Lord (1862) 31 LJ Ch 798 (see Chapter 3) if:
(a) the settlor transfers the property (or has done everything in his power to transfer the legal title) to the trustees, subject to a valid declaration of trust; or
(b) the settlor declares himself a trustee for the beneficiaries. The consequences of creating a perfect trust are that:
(a) the settlor is not entitled to change his mind; (b) the trustees are required to hold the property in accordance with the terms of the
trust; (c) the beneficiaries acquire a proprietary interest in the property and may enforce the
trust against the trustees or anyone, with the exception of the bona fide transferee of the legal estate for value without notice.
