We both commented on this at https://trustsdiscussionforum.co.uk/t/constitution-of-pilot-trusts/19807/1
A properly executed trust document is valid to create a trust but one which is incompletely constituted until the future date when some trust property is settled. Until then there is a right of beneficiaries to enforce it but it is inchoate until there is a trust fund to enforce it against.
That property can be settled by a transfer to the trustees or a DOT of it by the person who owns it.
Mr Kessler’s precedents define the trust fund as follows:
"1.5 “The Trust Fund” means:
1.5.1 property transferred to the Trustees to hold on the terms of this Trust; and
1.5.2 all property from time to time representing the above."
The draft does not contain a Schedule defining specifically any particular initial property in 1.5.1. So an £10 is not essential to such a trust. I would be suprised if Mr Kessler had nodded like Homer and offered a draft which would not be legally effective once property was later settled, by transfer or DOT, although nothing was settled at the date of execution. The £10 lark and pinning it to the trust deed is particularly antiquarian and obtuse when the settlement of property is actually or almost concurrent with execution.
It is my view that the commencement of such a settlement for s48A is when the property is later settled and not the date of execution.
Jack Harper