Identify the three certainties in the above scenarios, if any.

Trusts: Managing for Others

Problem Question for Class Review

Jane wants to dispose of some of her properties, comprising a collection of artworks and land at Humberside. She asks Terry to hold ‘my collection of artworks on trust for Benny’ and ‘my land at No 6 Muirfield Park for John’, both of whom were her childhood friends. John, who was not aware of the land ‘gift’, passed on without an heir after Jane had transferred the land to Terry. Shortly after, Jane, who was not aware of the passing of John, also passed on. Benny, who is aware that Jane left her collection of artworks for her, decides to make Sam, her oldest son, their beneficiary immediately.

i) Identify the three certainties in the above scenarios, if any.

ii) Advice Jane on the requirement of formalities, if any, for entrusting the artworks and the land to Terry. – Advise Jane.

iii) What options are available to Benny regarding her desire to give the artwork to Sam?

iv) Supposing Jane did not transfer the land to Terry before her passing, what implication, if any, would have followed?

v) What if Jane had given ‘some of my artworks’ to Terry on Trust for Benny?

vi) Supposing John was already dead as Jane gave the land in trust to Terry for John?

vii) Supposing Jane had said ‘two from my fleet of cars’ to Terry for John?

viii) Supposing Jane had said ‘two thousand units of shares from my five thousand units of shares of XYZ company’ to Terry for Benny?

ix) Supposing Jane had said, ‘I give to Terry, such part of my land at No 6 Muirfield Park as he may deem fit to allocate to Benny after my passing.’