Equity and Law of TrustWatch
Imagine you are working in a law firm as a trainee solicitor. The firm’s Senior Partner is preparing for an important litigation. She assigns you the task to write a case note on the following:
Question: Manuel, a wealthy émigré who was out of favour in his home country, settled permanently at an estate near Staines. He employed a young nanny by the name of Isabel. Having been attracted by Isabel’s charms, Manuel decided to make her a gift of all his shares in Staines Cricket Club Ltd. In January, Manuel signed the share transfer form and gave it, along with the share certificates, to his business adviser to arrange the transfer. Manuel then told Isabel that she was now the owner of the shares. The business adviser promptly lost the paperwork.
In February, Manuel - who was becoming increasingly fearful of an assassination attempt on his life - summoned Isabel. He said to her, ‘The key to my safe is hidden in my bedside copy of El Quixote. Open the safe and inside you will find my on-line banking password, PIN, card and card-reader. I want you to withdraw a decent sum for yourself if anything happens to me.’ Next day, Manuel was found dead in his swimming pool.
Manuel’s will appointed his wife, Maria, as executrix and gave all his estate to her.
Isabel comes to your office seeking advice in relation to all of the above facts.