Equity and Trusts Law- problem question Watch
In January 2013, Lord Salt executed a will which contained the following provisions:
i) £500,000 to my wife Ann to be disposed of as she may think proper for her own use and benefit. Anything remaining at her death is to be held on trust for my grand-children in equal shares;
ii) £1 million to Nick to distribute as he sees fit amongst Spurs football fans who attended the Spurs v Man Utd game on January 19th;
iii) Half of my shares to be held on trust for Karen;
iv) My two racehorses to Ann. She must give one horse to Richard and one horse to Donald. Donald is to have whichever horse Richard does not want;
In conversation with the solicitor, after he had signed his will, Lord Salt orally declared that:
v) He now held the 30,000 shares he had recently purchased in Manchester United Football club on trust for David, Phil and Alex;
vi) He now held his London apartment on trust for his niece Rita and his terrace house in Hackney on trust for Margaret;
vii) He intended to transfer the whole of his equitable interest in Amprop (an existing trust) to Ann and Nick equally.
In February 2013, Lord Salt sent a telegram to Rita, telling her that he was holding the apartment on trust for her. In March 2013, Richard died attempting to fly around the world in a hot air balloon. In December 2013, Lord Salt was electrocuted on the set of his television show and died.
Advise the executors