LAW501 On finding out he was terminally ill in January 2019, James decided: Equity and Trusts Assignment, UAE

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LAW501 On finding out he was terminally ill in January 2019, James decided: Equity and Trusts Assignment, UAE

SubjectLAW501 Equity and Trusts

Task 2

On finding out he was terminally ill in January 2019, James decided to distribute some of his wealth before his death.
● James tells his brother, Martin, that he is giving him the shares that he holds in Neptune Limited to provide an income for him to set up his own business. Martin resigns from his job to set up the business.
● On a visit to his nephew, Peter (aged 12), James hands over his grandfather’s medals saying that Peter should have them. On leaving James took the medals with him.
● James wrote a letter to his niece Helen, saying that he was giving her his late wife’s jewellery. Helen never got in touch about collecting the jewellery.
● James wrote to his sister, Gail, telling her he was transferring his holiday

cottage in Scotland to her to hold in trust for James’ 16-year-old daughter, Melanie, when she attained the age of 21. He enclosed an executed trust deed transferring the house to Gail. James died in May 2019 having made a will in March 2019 with his niece, Helen as the executor. The will left his cottage in Scotland and his late wife’s jewellery to Alisha, his new partner. The will also left £25,000 to the Bentown Bird Watching Club which is an unincorporated, non-charitable association. The residue of his estate was left half to his son, Harry and half to his daughter Melanie in trust until she reached the age of 18 with Harry as trustee. The Neptune limited share certificate and a signed transfer document in favour of Martin were found amongst James’ belongings on his death as were his medals.

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You are required to:
a) Advise who is entitled to:
● The Neptune Limited Shares
● The Jewellery
● The cottage in Scotland

b) Explain the three certainties and the difference between a trust and a gift in relation to the medals.

c) Explain the effects of the legacy to the Bentown Bird Watching Club

d) Explain whether there are any circumstances in which Melanie could receive monies from her trust before attaining the age of 18 and the impact this would have on the trust funds.

e) Analyse Harry’s duties and responsibilities as a trustee and the potential defences for breach of this duty. 

In your answers, you must:
● Analyse the features of different types of trusts. (AC2.1)
● Apply statutory rules and their case law interpretations in appropriate scenarios. (AC2.2)
● Examine the need for a human beneficiary in private express trusts. (AC3.1)
● Illustrate established exceptions to the beneficiary principle. (AC3.2) ∙
Describe the various methods by which gifts to unincorporated associations may be effected. (AC3.3)
● Explain when the power of advancement and maintenance can be utilised by the trustees. (AC5.1)
● Differentiate correctly between administrative duties and fiduciary duties. (AC5.2)
● Evaluate trustees’ defences for breach of administrative duties. (AC5.3)

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