Ciara O’Connor retired two years ago, for health reasons, following a glittering career as a trusts solicitor and equity partner at the magic circle firm, Clifford Freshfields & May. However, Ciara never forgot her humble roots nor her time as one of the first graduating law students at the University of Huddsford which was established in 1992. She regularly visited the university and assisted in the provision of funded work placements to its students. Grateful for all her help and assistance, and in recognition of all her achievements and distinguished career, the university provided an academic prize for the student with the highest mark in equity and trusts (The O’Connor prize). The university has however recently been through some difficult times and three years ago, it merged with the University of Bradfield to become the University of West Yorkshire.
Last year Ciara made a new will leaving specific gifts to family and friends. She also left the residue of the estate on trust to her named executors to apply “in their absolute discretion for the benefit of the graduates of the University of Huddsford and their relatives living at the time of my death”.
Ciara’s health condition deteriorated badly six months ago and she sadly died last week. The will is valid but the executors named on the will have contacted you for your advice on the legal position relating to the residue of Ciara’s estate.
Discussing and critically analysing the legal position and academic opinion surrounding this area of law, please advise the executors of the position.