ive done my assignment but different people are getting different answers so just wanted to quickly check as im really confused now. if you could just tell me what the end result would be that's perfect. thank u
Jason, a research scientist, worked for a research centrein Surrey. He died four weeks ago after suffering injuries as a result of anaccident at work.
He executed a will in 2015 in which he made the following dispositions.
In January 2016, Jason held1,000 shares in Bloomingdalesand executed a transfer of shares in favour of his wife Alexandria which hesigned before his death although the transfer did not state the value of the shareshe was transferring.
- I givethe sum of £20,000 to my sister Louise knowing she will use the money wisely insecuring the future of our daughters.
- I givemy holiday cottages in Poole and St. Ives on trust for my daughters Amelia andGabriella for their lifetime and thereafter for my relatives who may be livingin Dorset providing they follow a Christian religion.
- I givethe sum of £10,000 to my trustees upon trust for such of my friends andcolleagues as my trustees in their discretion consider fit.
- I givethe sum of £250,000 on trust for the purposes of creating a scientific libraryfor 11 to 18 year olds at Moorlands State Comprehensive School, Poole.
- I givethe residue of my estate to my children
Jason has a younger sister Louise, whom he cares for as shehas a permanent disability. He toldLouise that he would hold the legal title of Hillside Cottage, on trust forher.
He also told Louise that he was to receive a legacy of£30,000 from their Aunt Melissa’s will and that he will also hold that money ontrust for her as soon as he receives it.
In 2012 Jason set up a Trust fund in the following terms:
- £600,000on trust for my children at my trustee’s discretion until they shall reach theage of 20.
- £200,000on trust for research into leukaemia in children.
- Mytrustees shall hold my family home Lakeside House upon trust for my wifeAlexandria and my children in equal shares.
Jason’s parents Emile and Francine promised Jason thefamily home Lakeside House, if he complied with their request to transfer hishalf share in the family business to Jason’s elder brother Peter. Jason completed the transfer to Peter in2010. However Emile and Francine did not complete a formal transfer of LakesideHouse to Jason before their death in 2015.
Whilst in hospital, following his accident at work, Jasonlearns that his wife Alexandria was pregnant with their third child and in aconversation when he was very weak, he told her that “If he did not make it”she was to have his collection of silver and his portfolio of commercialproperties worth £2.5m. He gave her thecode to the safety deposit box at the Bank in which the collection of silverwas held. He also explained that hissolicitor had the deeds to all the commercial properties and he would ask hissolicitor to arrange for a transfer of the properties to her.
Applying the principle of Equity and Trusts for thecreation of express trusts and write a report as to the distribution of Jason’sproperty.
Address each item of property under a separate sub-headingand support your advice with legal authorities throughout.
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- Thread Starter
- 07-04-2016 15:26