Equity and Trust Coursework
SUMMARY OF THE FACTS
* The donor, Mr Chet died recently, and left directions in his Will to his executors relating to a couple of gifts. * This hearing relates to the execution of the will which have been causing difficulties. * The Executors have adopted a neutral stance between the competing claims, and with the Court’s permission have merely undertaken to abide by the Court’s eventual decision: as such they will not be represented in this hearing. * Clause 6: My trustees are to hold all of my shares on Trust for Zeke, except that for the period of 5 years after my death my Trustees are to give 1000 of my shares (or whatever lesser number my trustees think fit ) in whichever Company they shall think fit to any of my University classmates who ask for it and they in their discretion think fit.
I submit to the court that my client is the sole beneficiary under a fixed trust and as such owns equitable rights in the trust property. His interest should be given precedence over the gift which the testator purported to offer in the latter part of the clause.
I also submit to the court that the 3 certainties required for a legally enforceable trust have been well observed in this trust instrument.
My client wishes to invoke the rule established in Saunder v Vautier and have the legal title of the trust property transferred to him.
My submissions are supported as follows:
We must consider if the will has been properly drafted, having regard to the ‘certainty’ requirements of a well formulated trust instrument?
The general rule is that for a trust instrument to be held valid:
“...first...the words must be imperative...; secondly...the subject matter must be certain...; and thirdly...the object must be as certain as the subject"
(per Lord Eldon in Wright v. Atkyns (1823) Turn. & R. 143, 157).
Let us consider the Certainty of intention:
The wordings of the clause is sufficiently imperative….This is not simply because the
* The donor, Mr Chet died recently, and left directions in his Will to his executors relating to a couple of gifts. * This hearing relates to the execution of the will which have been causing difficulties. * The Executors have adopted a neutral stance between the competing claims, and with the Court’s permission have merely undertaken to abide by the Court’s eventual decision: as such they will not be represented in this hearing. * Clause 6: My trustees are to hold all of my shares on Trust for Zeke, except that for the period of 5 years after my death my Trustees are to give 1000 of my shares (or whatever lesser number my trustees think fit ) in whichever Company they shall think fit to any of my University classmates who ask for it and they in their discretion think fit.
I submit to the court that my client is the sole beneficiary under a fixed trust and as such owns equitable rights in the trust property. His interest should be given precedence over the gift which the testator purported to offer in the latter part of the clause.
I also submit to the court that the 3 certainties required for a legally enforceable trust have been well observed in this trust instrument.
My client wishes to invoke the rule established in Saunder v Vautier and have the legal title of the trust property transferred to him.
My submissions are supported as follows:
We must consider if the will has been properly drafted, having regard to the ‘certainty’ requirements of a well formulated trust instrument?
The general rule is that for a trust instrument to be held valid:
“...first...the words must be imperative...; secondly...the subject matter must be certain...; and thirdly...the object must be as certain as the subject"
(per Lord Eldon in Wright v. Atkyns (1823) Turn. & R. 143, 157).
Let us consider the Certainty of intention:
The wordings of the clause is sufficiently imperative….This is not simply because the