Consider the validity and effect of the following two clauses in the will of Dan: a) ‘I leave my cottage, at 42 Drumsesk Road, to my friend Gurpreet in full confidence that he will dispose of it in accordance with the instructions given to him during my lifetime’. Just before Dan signed the will, he told Gurpreet that he had left a ‘sum of money’ in the will to Gurpreet which he wanted him to hold for the benefit of Jenny. Gurpreet witnessed the will. Jenny died two days before Dan leaving two children. b) ‘I leave my residuary estate to my brothers Ken and Sam jointly’. A few days before the execution of the will Dan gave Ken a sealed envelope, saying ‘these are some instructions I want you and Sam to carry out when I die’. Ken replied ‘you know you can rely on me – if it’s fine with Sam it’s fine with me’. A year later Sam and Dan were killed in a car accident. The sealed envelope says that Dan wanted his residuary estate to pass to his youngest son Joseph. Advise the executors of Dan’s will. Secret trust evolved as a response act to the Wills Act 1837 and was originally created to prevent fraud. As the House of Lords held that equity will not allow a statute to be used as an instrument of fraud by the secret trustee . It is a concealed arrangement made between a testator and the trustee and is made to come into force after death. A justification for ST is the ‘dehors the will’ theory which means the trusts arise outside of the will - a inter vivos trust. Its purpose is to benefit another individual that hasn’t been written in the formal will. The testator will leave property to the trustee under the will with the understanding that they will hold the property as a gift for which they will then later on be expected to pas... ... middle of paper ... ...y to the real beneficiary. Therefore implying that regardless of Sam’s passing away, as Ken had obtained consent on her behalf, before the testator died, the trust will still proceed, and Joseph will obtain Dan’s residuary estate. After establishing that this trust is a FST, one must again asses as to whether this trust fulfils all the requirements needed to become binding. Intention was established when Dan gave Ken the sealed envelope with the terms of the trust. Communication was proven when Ken and Dan had an oral conversation in regards to the terms of the trust, Communication was also proven as in Re Keen stated that envelope and letter stating the terms was seen as sufficient amount of communication. Finally acceptance was proven when Ken stated “you know you can rely on me”. Concluding that the FST is binding, and Joseph will indeed receive the trust.
Procedural History: Claim was filed against decedent 's (Jack Tallas) estate to recover on written agreement to make the claimant (Peter Dementas) an heir for the amount of $50,000. The Third District Court of Salt Lake County held in favor for the estate. Dementas challenged the initial verdict in Utah’s Court of Appeals, Orme, J.. In this appeal, the court held that agreement was not an enforceable contract in that it constituted a promise for past services performed gratuitously.
Denise was willing to go to great lengths to disrupt the administration of the Trust. There is a report that Denise changed the locks at the Trust premises and disconnected computer servers, removed documents as well as shredded them. According to Edward Rockett, Denise is mentally unstable and even alleges that she is in bad health which resulted in a medically induced coma. Denise represents herself as being married to Hilary for 47 years when in fact this is not true. The couple divorced in 1984 and only remarried in 2008, shortly before Hilary died. She also claims that they worked together their entire marriage. It appears that Denise is trying to gain leverage or sympathy by claiming that they both worked hard to get the company to where it is today, this claim doesn’t appear to be true. In one of the many lawsuits filed between these two parties, the court found that Denise “had not been involved in the day to day operations of the Trust business” and her sons were reinstated as managers to “run the business/es consistent with the terms of the Trust
Does the introduction of a system of registration of title remove the need for the law to recognise possessory or equitable interests in land? Why? Why not?
Though there is no need for either party to use the word trust, the courts must be able to construe some sort of positive intent that the equitable interest was not to reside in the transferee. However Lord Millett later in Twinsectra Ltd denounces the emphasis previously placed on the party’s intent. Twinsectra involved a borrower seeking short term finance for the purchase of land and Lord Millett in this case states that Quistclose trusts are resulting trusts which arise by operation of law. His conclusion is based on the theory that resulting trust emerges when there is a transfer of property in circumstances in which the transferor did not intend to benefit the recipient. Carnworth J, however contends that from Twinsectra it seems that the parties place no real significance to the purpose so even applying Lord Millett’s newly configured resulting trust analysis, there is no real intent on the lenders part to ensure that the recipient does not receive the money at his free disposal. Furthermore, a key aspect of any intent to create a trust always revolves around the funds being held separately and so by devaluing this factor Lord Millett is detracting from traditional trust law principles and in the process is making it much easier to find a Quistclose trust in situations where it was never
Leased land: CLTs provide for the exclusive use of their land by the owners of any buildings on the land. Parcels of land are conveyed to individual homeowners (or the owners of othe...
Usually, Spouse have insurable interest each other’s lives. On the business relationship, firm usually have an insurable interest if financial losses are incurred by the insurable employee’s death. However, insurable interest only need to exist at the time of contract and need not to be present at the insured’s death. So, there should be a certain communication and agreement exist between insured and beneficiaries to obtain life insurance. As an exception, parents can purchase relatively small amount of life insurance for their child without the consent because child does not have a knowledge about legal material ant it is meaningless. Beneficiaries are identified by several ways, such as class, group or by mane. Although insured can change beneficiary anytime within reasonable limit, beneficiaries need to be carefully selected and constantly reviewed. Most importantly, beneficiaries should be stated by name, clearly and specifically to ensure that the death proceed are provided right beneficiary after one’s death. Having multiple beneficiaries is another way to manage beneficiaries and expand insured’s will to prevent proceed to be float on the third party’s
Before you take any actions towards acting on behalf of the deceased you must figure out who can actually act on behalf of the
If I name two or more primary beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving primary beneficiaries shall equally divide the deceased primary beneficiary's share unless I have specifically provided otherwise. If I name two or more alternate beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving alternate beneficiaries shall equally divide the deceased alternate beneficiary's
The first power of appointment mentioned in the Will is in the second paragraph. In this case, Roosevelt (power holder/donee) is directing that the $60,000 trust fund, which he received from his father (creator or donor), be given to his children in equal amounts. It can not be determined if Roosevelt exercised a general power of appointment or a limited power of appointment because the language of his father’s will is unknown, and thus there is no way to determine whether or not Roosevelt had any restrictions on the enjoyment of the money contained in the fund.
The re-use of an insolvent company is protected by UK insolvency law. It helps to protect the interests of investors and creditors are not damaged by a lack of transparency relating to the director's involvement with an insolvent company, and continued involvement with its phoenix.
Palmer, the defendant, claimed that he has the right to the property according to the law because he was named the heir in the will (Riggs v Palmer). The plaintiffs, Mrs. Riggs and Mrs. Preston, however brought this action before the court to fight against this will, for they believed that Palmer should no longer be entitled to the property, which he so wrongfully gained. The objective of the statute is to address issues concerning wills so that testators could carry out their final wishes by passing their property off to their loved ones (Riggs v Palmer). This fact is what gave rise to different arguments from the majority to the dissenting judges. The issues were how to interpret the law rationally, and whether Palmer, who murdered his grandfather should be entitled to the property. The judges believed that although the law at that time did not address the issue of what would happen to the property in the event that the heir murdered the testator, to allow such a thing would never be the intention of legislators (Riggs v Palmer). Had legislators ever
The American Association of University Women (AAUW) has long fought to end wage discrimination. Despite the Equal Pay Act and many improvements in women’s economic status over the past 40 years, wage discrimination still persists. AAUW continues to believe that pay equity—economic equity—is a simple matter of justice and strongly supports initiatives that seek to close the persistent and sizable wage gaps between men and women. The effects of pay inequity reach far. According to a 1999 study by the Institute for Women’s Policy Research and the AFL-CIO, based on U.S. Census Bureau and Bureau of Labor statistics, women who work full time earn just 74 cents for every dollar men earn. That equals $148 less each week, or $7,696 a year. Women of color who work full time are paid even less, only 64 cents for every dollar men earn—$210 less per week and $11,440 less per year.
Trust plays a vital role in the lives of humans as it is the pathway to founding and maintaining a good, morally mature society. Whether it is trusting another in team sports, friendship, or just for help and guidance, trust is able to increase the strength of the bond between any amount of people. Although we rely on our trust for another to see through to a desirable result, we are in fact risking what we are entrusting to another, and it is probable that our trust is taken advantage of and lead to betrayal. Why this is the cause and what action should be taken to minimise betrayal has been explored by many philosophers such as Plato, Thomas Hobbes and David Hume.
trust – where the trust is administered in Mauritius and a majority of the trustees are resident of Mauritius or where the settler of the trust was resident in Mauritius at the time the instrument creating the trust was executed
In a will, you can ease the burden on your grieving survivors by planning your funeral arrangements; determine how your property will be distributed; determine how your debts will be paid; and especially those with minor children: if you and your spouse should die before your children grow up, you can nominate personal guardians for them and their property. Otherwise, a court will appoint a guardian without your input, and the court appointed guardian will decide where your children will live, educated, and worship, until they become of legal age.