The legal issue of setting up trusts is very important, judicial decisions over the years on cases where trusts were not properly set up indicate that setting up trusts could be quite complex and must be done very carefully by a property owner as a simple factor could nullify his trust. An express trust is fully established by either actually transferring ownership to the trustees or by actually declaring a trust. In the case of personal assets, the declaration of trust can be put in writing; however, equity will not perfect an imperfect gift. Only when the trust is established does it become binding for the settlor. The long-standing idea that equity will not perfect an imperfect gift can be traced back to the 19th century cases of Ellison v Ellison and Milroy v Lord, and was further emphasized in the 20th century in the Re Fry case. Fully established trusts are segmented into executory and executed trusts. An executory trust occurs when a declaration or deed requires the subsequent execution of further deeds while an executed trust occurs when the settlor has clearly and expressly stated what the interests of the beneficiaries are in the trust deed. When a trust is not properly constituted, there will be no equitable ownership interest for the beneficiaries. In such situations, the trust is contractually enforceable, otherwise the beneficiaries are considered “voluntary”. A willer is a beneficiary who has no valuable consideration for a promise or agreement to transfer property to him through trustees. The settlors must do everything within their power and necessary based on the nature of the property for the transaction to be binding. There are three cases… halfway through the paper… him and other latter cases where some form of flexibility is developing in the types of interests or rights that equity is able to provide. Overall, then, the court finds Milroy to be good and valid law. The principle established in Milroy has been the focal point of judicial decisions and has had a major influence on the attitude of the judiciary. Courts, no matter how onerous a situation or the trend in the development of the law, seek to ensure that the Milroy Principle is not violated, hence its new emphasis in Re Rose. Over the years, courts have seen some flexibility regarding the enforceability of imperfect gifts. However, despite Re Rose's characteristic caveats, courts continue to regard the case as good authority, demonstrated by its subsequent application in Mascall v Mascall and its approval in Vandervell v IRC. .