Teaching Trust Law in the Twenty First Century

Abstract

In this paper, I have endeavoured to describe how it is possible to teach trust law as it relates to the modern commercial world. My suggestion is that two aspects of the course need to be developed i.e. contextualising and situating the trust in its modern context and highlighting the growing importance of the contractarian basis of the trust. In contextualising and situating the modern context of the trust, it is suggested that the students be introduced to contemporary examples such as the following: (i) trust as a wealth management vehicle; (ii) the importance of offshore trust jurisdictions; and (iii) complex financial instruments involving the trust such as the Reit and asset securitisation. In this regard, the trust law teacher might also wish to explain to the students the role of the trust in sub-prime crisis that led to the global financial meltdown. The second aspect of the trust which provides an interesting theoretical framework and opportunities for discussion is the contractarian basis of the trust. The contractarian basis of the trust may have impact on the development of the doctrinal rules affecting the role of third parties in a trust relationship, exemption clauses and the scope of the irreducible core of the trustee’s duties to the beneficiaries.

Keywords: Equity, Trusts, Singapore, Teaching Law

JEL Classification: K1