Equity and Trusts - Alan Jones - Essay Example

Equity and Trust Introduction Abass, (2012) defines a will as a formal declaration of one’s intent concerning the disposal of one’s property and holdings after death. The will alongside details how Alan Jones wishes to share his wealth with those he loved. This is in a bid to prevent any secondary squabble that would arise from the wealth division after his death. In his will, he mentions those he wishes to inherit his wealth and the manner in which they share such. In addition to preventing wrangles in the family, the will accords him some peace owing to the fact that he shares his wealth as he so pleases. The formal declaration is not subject to any alteration and therefore settles any dispute that would possibly arise from the process of sharing the property. A will is a binding document that is always not subject to any form of alteration. Alan Jones leaves behind a will elaborating how he would wish to share his wealth. The terms of the will just as is the case with any other are legal terms and therefore require effective analysis and interpretation. Everyone referred to in the will must receive the resources allocated to them and utilize the resources as directed by the deceased. This implies that the lawyer does not only oversee the interpretation of the will by making the terms understandable to the parties but also ensures that the specific parties carryout the mandate bestowed upon them by the writer of the will (Ross, 2004). In his will, Alan Jones begins by allocating his former wife, Lucinda an amount of money worth five hundred pounds. In the directive, Alan says that he hopes the woman puts the money in a trust to help the Fullchester animals sanctuary so that the money help the sick animals in the sanctuary (Garth, 1998). The terms of the will in relation to the former wife are liberal. Alan gives the woman the amount and in so doing, he bestows on her the mandate to invest the money as she wishes. He later advises that the woman invests the money in a trust, the tone of the directive is an advice and so, the woman has no prerogative to comply with it. He says that he wishes she invested the money in trust to help sick animals in the sanctuary. Despite this, the woman has the right to invest the money as she so wishes only that it would make him happier if she did invest the money in the trust as he advises (McKendrick, 2012). From the composition of the directive, it is possible Allan knew that his former wife and a passion for conserving the animals. He therefore presumes that the receipt of such an amount would help her realize her dream of reaching out to the animal orphanage. This information compels Alan to advise her to do so with the money. Possibly, the woman may decide to invest the money in the trust as he advises but the terms of the will does not bind the stakeholders to using the money in the assistance of sick animals since this again is another random advice such he believes that the sanctuary protects only sick animals (Amsterdam & Bruner, 2002). The sanctuary after receiving the money have the authority to invest it in a manner they deem necessary since the terms of the will does not influence their budgetary allocation and internal operations. In the second sentence, he gives his two houses to his brothers Kip and Tim. He makes it clear on the location of the houses by naming thereby making it clear that the two houses includes the one on number 12 High Fullchetser while the other in in 42 High Fullchester. By naming the location of the houses, Alan makes the will clear and does not therefore crate confusion with any other interested parties on the two houses. On the same sentence, he says that Kip to have the first choice, a depiction of presence in which he apportions his brother Kip the chance to choose either of the house before his other brother Tim. Kip therefore makes the first choice on which house to retain after which Tim retains the other. Any other factor that therefore influences the decision that kip makes in choosing his house is relative to the prevailing factors but the will respects such and therefore accords him the right to choose first and make his choice known to his other brother (Angelelli & Jacobson, 2009). In the third statement, he directs his trustees to make awards to the relatives and dependents of the Jones limited. This was his company and therefore decides that the profits that the company will subsequently make after his demise be used in benefiting the relatives and dependents of the employees of the company. In his directive, he advises his trustees to develop initiatives that help the group of people at their own discretion. This implies that the board of trustees have the mandate to implement the directive, as they deem necessary by developing programs that are relative to their preferences (Morgan, 2013). In the fourth statement, Jones donates a half a million to a political party, which he must have supported. He makes it clear how he wishes the party uses the money by elaborating that the party must use the five hundred thousand pounds fortune in up keeping the headquarters of the party at King Street in London. In this directive, Jones is more categorical by dictating that the party uses the money only on headquarter office of the party in London. While the will may not influence the operations of an institution such as a political party, it is difficult for any implementer of the will to trace the money he donates to the party and whether the party uses the same in up keeping their structures (Aoki, 2006). The party has the authority to put the money into different use provided it is within the headquarters by defining its up keep relatively. In the final statement, Jones awards any museum in the city that would house his collection paintings. He does not specify the use for the money thereby giving any museum that would house his works the financial award to encourage innovation (Tyler, 2006). Alan Jones therefore makes it easier for his family and friends to share his wealth by coming out blatantly to divide the wealth among his family before his death. This way, he apportions those he considers deserving the right amount of wealth thereby preventing any conflict of interest. References Abass, A. (2012). International law: Text, cases, and materials. Oxford: Oxford University Press. Angelelli, C., & Jacobson, H. E. (2009). Testing and assessment in translation and interpreting studies: A call for dialogue between research and practice. Amsterdam: John Benjamins Pub. Amsterdam, A. G., & Bruner, J. S. (2002). Minding the law. Cambridge, Mass: Harvard University Press. Aoki, K., Boyle, J., Jenkins, J., & Duke University. (2006). Bound by law?: Tales from the public domain. Durham, N.C.: Center for the Study of the Public Domain, Duke Law School. Garth, B. G. (1998). How does law matter?. Evanston, Ill: Northwestern Univ. Press [u.a.. Language International Conference, & Hung, E. (2002). Teaching translation and interpreting 4: Building bridges. Amsterdam: J. Benjamins. McKendrick, E. (2012). Contract law: Text, cases, and materials. Oxford, U.K: Oxford University Press. Morgan, K. O. (2013). The complete guide to interpreting your own dreams and what they mean to you. Ocala, Fla: Atlantic Pub. Ross, A. (2004). On law and justice. Clark, N.J: Lawbook Exchange. Tyler, T. R. (2006). Why people obey the law. Princeton, N.J. [u.a.: Princeton University Press. Read More