equity and trusts help !!

HI

I need help on these following questions please help i dont understand it

Ibby decided to create the following trusts:

A. A trust that would control 30% of the shares of the company Ibby owned. The beneficiary would be his nephew Adam who was already working there. Ibby informed adam that the creation of the trust would be an act of recongnition of Adams hard efforts and compensation for the fact that he never received any bonuses. Ibby told adam that he had sent the paperwork to the lawyer who would be appointed as trustee. After hearing this accouncement adam who was planning on resigning from the company because of low salary decided to stay and continue to work for ibby.

B. A trust of income ibby was receiving as beneficiary from another trust set up by his father Raja. Raja was receiving significant annual income from this trust. Ibby decided to pass it all to his two children Ben and Trevor to that effect from january he started making monthly payments to them.

C. A trust managed by Ibby as trustee, to support financially 3 poor relatives ibby had. He informed them and started making monthly payments.

In the summer Ibby had a car crash and died leaving all his estate to his wife Bushra. The beneficiaries were upset.
Adam was told that Ibby never sent the paperwork so the lawyer was never appointed as trustee.

The trustees of Rajas fund told ben and trevor that they had not been informed of the trust ibby created thus could not make payments to them.
The poor relatives were told they found no written evidence of the existence of the trust thus there was no trust for them.

Advise the beneficiaries :frown:

Reply 1

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