LU2012 - Foundations of Trusts Law Assignment

Assignment Task

Part A

Question 1

Tinker, who has been a keen supporter of access to Higher Education for everyone, died on the 10th of February 2020 leaving a valid will containing the following bequests

a. £1,000,000 to research into the possible links between living close to a field with masts that transmit 5G signal and the development of cancer. If such a link is established, also to campaign to ensure that 5G signal is never permitted in the United Kingdom.

b. £100,000 to provide yoga and cage fighting classes at the St James’ Christian Church to be attended for free by the parishioners after the Sunday prayers. It is hoped that this will encourage more young people to attend Sunday masses.

c. £100,000 to Golby College to enable students from under-privileged backgrounds to access private education. Golby College has never existed. Discuss whether the above clauses create valid trusts or other obligations. Explain what will happen to the funds in part c)

Question 2

Romer dies earlier this year leaving the following disposition in his will

a) £100,000 to my brother Mathew with the common belief and understanding that he will distribute it among the loyal supporters of the ‘guinea pig lovers’ association. If there is a dispute as to who a loyal support is, the current chairman of the association shall decide.

b) £5,000 to allow my beloved working horse, Fluffy, to retire in comfort and be allowed to graze freely until her death. At the time of Romer’s death, Fluffy was 20 years old.

Consider the validity of Romer’s disposition.

Part B

Question 3

Baddy was a trustee of two family trusts, Twinkle Trust and Sparkle Trust. Each of the trust was worth £20,000. Baddy was supposed to keep the funds in two separate trusts accounts but instead he paid the full £40,000 into his own bank account that was already £10,000 in credit. He then carried out the following transactions

a) He withdrew £20,000 from the account to purchase shares in Tignes Hotel Ltd.

b) He then took a further £10,000 from the account to buy life insurance on his life for the benefit of his children, Brenda and Amir.

c) He then gave £20,000 to Amisha to settle a loan that she had taken from the bank in order to buy a car. Anisha is a key worker and she cannot do her job without a car. Page 3 of 3 Baddy has now died in a motor car accident. His insurance policy paid out £200,000 to Brenda and Amir. Due to the pandemic the Tignes Hotel Ltd had to close and the shares are now worthless. Advise the beneficiaries of Twinkle Trust and Sparkle Trust.

Question 4

Bobby, Tamara and John are directors of Polymp Publishers Ltd. Last year Mary approached Polymp asking if they would be interested in getting exclusive rights to sell her political books at 50% commissions. Mary’s books give an accurate but controversial account of how various governments address issues arising out of conflict zones, refugee crises and environmental disasters.

Bobby genuinely thought that Mary’s books are too controversial and may in fact cause Polymp to lose existing customers, who may think that the publisher has started getting involved in political propaganda. Tamara rejected the offer because Tom, a sworn enemy of Mary, gave Tamara an expensive Rolex watch to persuade the company to accept his books instead of Mary’s. John was aware that Mary’s books have so far been highly successful on the market but kept this information to himself.

Polymp rejected Mary’s offer. John then resigned from the directorship of Polymp pretending that he was ill. He then formed a new publishing house and persuaded Mary to allow him to promote her books. Mary’s books proved a continuing success and John made a total profit of £250,000 on his commission. The above facts have now come to light. Advise Polymp Ltd.

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