EQUITY AND TRUST Critically examine the contribution made by the trust Essay

EQUITY AND TRUST Critically examine the contribution made by the trust to the following area of law Unauthorised profits made by a fiduciary - Essay Example This is a right in property that is held in a fiduciary relationship by one party for the benefit of another. The person or the organization who/that holds the title to the trust property is trustee and the person who receives benefits is the beneficiary. The creation of trusts is generally a conjunction with a will and other elements of estate planning. There is a frame work for the validity and limitations of a trust. There is a code that governs the affairs of the estates of deceased owners and intestate properties. This even determines the place, the intestate properties have to go thus enabling the importance of trusts and making the limitations as guidelines. 2 The concept of trust is widely used in charity purposes. According to Charity Act 2006 in UK, the charity organization is the one that is established for charitable purposes or the one which falls to be subject to the control of the high court in the exercise of jurisdiction with respect to charities. 3 According to public benefit test of the charities act 2006The concept of trust involves public benefit also. The charitable organisations need to be delivering public benefits. This should be according to the guidance of charity commission for England and persuaded by them. The public benefit nature of the trusts may result in the unauthorised benefits or profits for the fiduciary. 4 4. Fiduciary Duty Fiduciary duty contains obligations regarding loyalty and faithfulness. The execution of duties regarding loyalty and faithfulness may result in accruing unauthorised profits for fiduciary. As there is a chance of making unauthorised profit from the property, the fiduciary should be in a position to avoid potential conflict. To avoid unauthorised profits, the fiduciary duty should restrain unconscious abuse of legal power and position. This is due to the fact that the profits accrued by fiduciary by exploiting the legal power and position will erode the benefits of the beneficiaries. This concept makes a rule of public policy necessary that can be strictly applied against trustees to encourage good behaviour in them. According to James LJ in the case Parker v Mc Kenna in 1874 the strict enforcement of exemplary fiduciary propriety is required for the safety of mankind. 4.1 Commercial Use of Property: The commercial use of property by a fiduciary can be seen in large organisations and public companies. The companies that do business and mobilise capital from public come under fiduciary for the funds gathered from the public. The governance issue will be entwined in the commercial fiduciary. As the virtues regarding social welfare are minimised there is a chance of unauthorised profits for the commercial fiduciary in the absence of transparency and strict guidelines about the usage of property. Some experts opine that the shareholder supervision and control is necessary for good governance by a fiduciary. As there is a widespread view that there the execution of the work by a fiduciary cannot be judged by just shareholder value, the voting of the shareholder in company's general meetings is made compulsory for institutional investors. This makes the beneficiaries (shareholders) as the owners of

Health Care for All Americans Essay Example | Topics and Well Written Essays - 1750 words

Health Care for All Americans - Essay Example With this respect, this paper will critically expound on the basic reasons as to why health care should be to all Americans. Across America, there are many people from one side struggling to make both ends meet and on the other coping with a broken health care system. In addition, there are those who live completely without health care, others are striving to pay the hiking costs of Medicare, and more of them are joining the ranks of those uninsured. Agreeably, this is a shocking and terrible situation for super power like America! This growing health care crisis is not just a problem that should worry only the affected, but also places an endangering burden to the rest of the Americans as well. Furthermore, due to economic issues, small businesses are finding it difficult to insure their employees due to competitive and skyrocketing cost of insurance premiums. Most worrisome, much of the funds spend on health care services disappears through inefficiency and massive waste. Even Unit ed States tops the globe in health care expenditures (Collins 15). The administrative costs swallow 1 dollar out of every 4 dollars set aside for health care needs. That is not all, medical errors result to loss of lives of 100,000 Americans every year. With that follows a $100 billion dollar loss via drug prescription errors alone. Causes of Health Care Disparities in America Factors leading to health care disparities in the US vary and at the same time interrelate. Different groups have different underlying rates of illness due to environmental factors, generic predisposition, or lifestyle choices. They express different types of care-seeking behavior due to cultural beliefs, trust in the health care providers, and linguistic barriers (Herbage and Devanport 8). The ability of an individual to pay as well as his location and management of health care services influences all these factors. Race and ethnicity are significant factors determining whether an individual stands to receive care, whether an individual receives quality care, and assesses health care outcomes. Even after adjusting insurance income and status, racial and ethnic minorities tend to have limited access to heath care and receive lower quality of health care compared to non-minorities. Not surprisingly, the Americans’ top two concerns of healthcare are its increased costs and lack of access. Cognitively, today the cost of health care insurance is high and increasingly unaffordable even to working families. Documented evidence reveals that 6.2 percent of all US bankruptcies in 2007 related to medical expenses (Halvorson 7-8). People with medical insurance covers filed 78 percent of these bankruptcies whereas low-income uninsured majorities filled 38.3 percent of the same bankruptcies. In 2008, uninsured Americans were 46.3, a report released by the US Census Bureau. This figure represents 16.2 percent of the US economy, depicts that health care is the largest industry in the US, and emp loys more than 14 million people. Additionally, this impeding problem stretch to show that racial and ethnic disparities in health care persists even when comparing groups of similar socioeconomic status (Barr 87). For example, the