Case Study involving Trust laws Example | Topics and Well Written Essays - 1000 words

Involving Trust laws - Case Study Example Although the law is dealing with the Property Act it also extends to other aspects of equitable interest. Under the Section 5 (1) of the Wills Act, 1988, â€Å" it is seen that every person may dispose by will, executed in accordance with this Act, of all real estate and all personal estate owned by him at the time of his death† (Wills Act 1988. 2005). In this case it is seen that a trust has been created in favour of Ben and he has nominated Richard to hold the 2000 shares in trust on his behalf. Through his written will, he has directed that 950 of the above shares may be bequeathed to his Accountant, Tom, to be held on behalf of his nephew, Andrew, the legal beneficiary of the gifted shares. In the decided case of Goldcorpe RE 1995, 1 AC 74, claims for non allocated bullion could not be enforced. Ordinary members of the public were inveigled into investing in non-existent bullion, on the strength of allotment letters given to them for staking their claim on future bullion. When Company subsequently went into liquidation, they claimed beneficial interest on future bullion on the basis of this allotment letter. The Courts held that the bullions were not earmarked and could not be enforced.In another decided case of Saunders v. Vantier(1841) 4 Beav.115, a trust was created that upon the death of the uncle, certain shares would be bequeathed to the nephew, along with its incomes, till he reached the age of 25. The nephew laid claim to the gift upon reaching the age of majority, i.e., 21 years. The Courts held that the validity of the gift had passed on from the uncle to the nephew upon his passing away, it being intended to be an immediate gift. Therefore, the claim for the property to the nephew from the uncle was passed on immediately upon his gaining majority age: (Theriault 2002). The case of Hunter v Moss (1994), whose decision was delivered before the Gold Corpe Re (1995) case, 1 AC 74.which relates to 50 shares of a total of 950, being verdicted to be a genuine trust, without uncertainty of matter, which was not considered in the case of Gold Corpe Case (1995). The Court of Appeals, in this case, validating the decisions of the High Court (1993) I WLR 934, stated that a statement of trust, of, effectively 50 shares out of a total number of 950 shares in a Company, could not be said to be a void contract, on the grounds of the uncertainly of subject matter; in this case the learned judged observed that allocation of particulars shall be considered superfluous since all the shares carry