A gift is the transfer of legal property such as land, a house, or money. Since there is no consideration for the gift, a gift is not considered a contract and as such a gift will fail if the person giving it does not take the necessary steps to deprive himself of the gift. If the gift fails, it reverts to the person intending to make it or to his or her estate if the gift is testamentary. A fully constituted trust means that the trust assets are vested in the trustees and the trust is binding on the donor who cannot revoke the trust. When the trust property is not properly invested, the trust is considered incompletely constituted and is void because equity will not compel the donor to complete the trust. The principles of trust creation derive from the case of Milroy v Lord (1862 where Turner LJ stated that the full formation of a trust requires the actual transfer of the assets by the person making the gift to the beneficiary, the transfer of the intended gift to the trustees to be held in trust for the beneficiaries or the self-declaration of a trustee. The principle in this case is that a gift can only be made in equity if it satisfies one of the three requirements, the trust is considered imperfect and constitutes an incomplete trust to complete all the formalities required by common law, then the equity will not help the intended beneficiary and therefore the gift will be imperfect. The applicable equitable maxim is that the equity will not complete an imperfect gift. equity will not help a volunteer. The common rule of equity is that “equity cannot perfect an imperfect gift and this was a demo… half of the paper…am R, Incompletely constituted trusts: covenants for regulating property (Equity and Trusts: Text, Cases and Materials 2013).Bray J, Key Cases: Equity & Trusts (Routledge2013)Bray J, Student Guide to Equity and Trusts (Cambridge University Press 2012)Ramjohn M, Equity and Trusts 2009-2010 (Taylor & Francis 2009)Hudson A, Understanding equity and trusts (Routledge 2012)Ford E, 'Incomplete Gifts in Equity' (2002) 13 King's Law Journal 222Finn P, 'Common law divergences' (2013) 37Melbourne University Law Review 509Smith L, 'Common Law and Equity' (2011) 68 Washington & Lee Law ReviewAndrews N, Strangers to Justice No Longer: The Reversal of the Privity Rule under the Contracts (Rights of Third Parties) Act 1999 (2001) 60 The Cambridge Law Journal 353Andrews N, 'Does a Third party beneficiary have a right in English law?' (1988) 8 Legal Studies 14