This lecture (recorded live) explains how to answer the following question on Constitution of a Trust.
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“Proton was a highly successful inventor and author. In 2000 he divorced his first wife and married his life-long friend Zola. In Januay 2016, on the occasion of the marriage of his elder daughter Zania, Proton decided to set up trusts for the benefit of each of his three children of his first marriage, Roger, Janice and Zania.
First, Proton executed a deed to which he and Jones were the only parties. The deed contains the following provisions:
(i) I hereby covenant with Jones that I will transfer to him within six months of the date hereof 30,000 shares in Pluto Ltd.
(ii) I hereby direct Jones to hold the said shares upon trust for my son, Roger.
Proton has owned 30,000 shares in Pluto Ltd since March 2001.
Secondly, in a separate deed, Proton covenanted with Tom and Dick to transfer £50,000 to them to hold on trust for his daughter, Janice.
Finally, he covenanted with Joe and Jerry to transfer all royalties from the sale of his books in the United States to be held on trust for Zania and her husband for life with remainder to the issue of the marriage.
In April of this year, Proton sat down at his desk to sign the cheque and share transfer in favour of the various trustees. He filled in the names and amounts payable but before he could sign the cheque or share transfer, his personal computer exploded killing him instantly.
Advise Roger, Janice and Zania as to their entitlement in the light of the above facts.”
Duration: 50 minutes (approx)
Lecturer: Mohamed Ramjohn