Equity and trusts Case Study Example | Topics and Well Written Essays - 2500 words

fair-mindedness and trusts - Case Study ExampleIn the scenario, Tom was appointed by Vito as regent everywhere a general legacy worth 100,000. As defined, a trustee is someone who has nominal epithet over a property that he/she holds for the proceeds of one or more beneficiaries. He/she must show a high standard of care towards her/his beneficiaries and must never permit his/her own interests to difference with those of the beneficiaries this person must not profit from whatever that was entrusted to him/her (Martin, 2002). Based on the definition of the word, Tom cant deem the money for himself.It must be noted that there was no overt apocalypse (verbal acceptance or rejection) from Tom at the time Vito conveyed his intentions which might be construed as non-acceptance of the responsibility, however, the law only requires the presence of collar certainties for a trust to exist - certainty of intention (Vito worries about his mistress and illegitimate son so hes leaving some money for them), certainty of subject matter (100,000) and certainty of objects (mistress Lucy and son Santino). In the scenario, these triple were explicitly present, therefore, Tom must shoulder this obligation.(2) Fredo wants to know what he should do with the shares in Transit Ltd, as he finds clause of the will very confusingThere is nothing confusing in the planning of the will as far as the shares in Transit Ltd are concerned or who should benefit from the companys income. It was evidently declared that Fredo, aside from being one of Vitos estate executors, was also to act as trustee of Transit Ltd for the benefit of any of the family members within the period of ten (10) years. Likewise, he is to distribute income from the shares among residents of West Midlands whomever he captures is fit to get... There were facts that have been established before Vitos death. First, there was an expressed declaration that 5,000 shares of compensable Plc will go to Connie, Vitos daugh ter. Although Vito was no longer able to execute an actual share move out in favour of Connie, much(prenominal) intention was manifested in a card wherein it was explicitly written that such number of stock shares be given to his daughter. In addition to the written note, was the fact that he once in a while emailed statistics to her in order to keep her informed as to the performance of the shares on the stock marketplace, another manifestation that indeed he was bent on letting his daughter be aware of stock market circumstances in preparation for her coming into possession of a substantial amount of stock shares. Second, Michael has been held as the sole beneficiary of the London penthouse, it was expressedly given to him as a gift during his 16th birthday. Since according to the law, those to a lower place 18 could not yet enjoy the fruits or income of whatever trusts that have been left to them, Fredo is there, the brother and executor to see to it that Michael gets the pe nthouse when he gets to the age of maturity.