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Equity and Trust Degree - Essay Example

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Summary
Abigail was aged 15 at the time Dominic died. Soon after Dominic's death Abigail discovered that she was allergic to horse hair and asked for 9,000 from the 16,000 to pay for sailing lessons instead. Tick agreed to this and gave her the 9,000 which Abigail immediately spent on a new wardrobe for herself…
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Equity and Trust Degree

Download file to see previous pages... Tock had asked his friend George, a registered financial adviser, about Meltdown before they invested the money when they met at race meeting. George told Tock that all new companies came under investigation by the Fraud Squad and that Tock should not worry. The share value of the company dropped dramatically last month but Tock has told Tick that they are better off leaving the money invested in Meltdown Plc as the company is bound to make a profit sometime. Last week Tick and Tock were approached by Clarissa, a member of Oakley Riding Club, who has asked them for some money out of the trust fund to finance her proposed trip to the Olympic Show jumping finals. The trustees have told her that this is not possible due to the current low value of the trust fund.
The will appointed them as trustees of Mr. Dominic fund which they are entrusted to distribute to the parties provided in the will following the probate words. For the case of Abigail, this is a fixed trust where they were to give her 16,000 'so that she can learn how to ride'. ...
However, after they discovered that she is allergic to horse hair and subsequently giving her part of the trust fund for sailing lesson where she spent on new wardrobe instead, they had no authority beyond the probate to follow and ensure that she did as the Dominic wished. Secondly, the words 'so that she learns how to ride' is uncertain it doesn't even give us direction what kind of riding is, sailing is also riding and it is wishful that the money would be used by Abigail to learn how to ride. Therefore they acted within their trusted duties. They should also remember that she is entitled to the whole amount since the probate states clearly that she be given 16,000.
In case of Beatrice, the same kind of problem occurs, the is very clear why Beatrice is given the fund, that is, to look after Clopalong, the mare horse in the manner it's accustomed to. However after she is given money she fails to look after the animal and Tick and Tock have no power to withdraw the fund and look for another person to accomplish this. This is because the will is not explicit as to what should happen if Beatrice fails to look after the animal as it's accustomed. Here Beatrice has legal right to retain the horse and look after it as she deemed fit. Another uncertainty is that what if the ill health of the Clopalong is due to other reasons or old age Why Dominic appointed her and not somebody else These are some of the uncertainties we see in this will and Tick and Tock have no choice other than to give her the whole amount.
For Oakley fund, Tick and Tock had been entrusted to hold this fund in trust for members of this club. They were to discretionary disburse this fund particularly to those members 'who prove fit for the saddles'. By ...Download file to see next pagesRead More
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