Equitable Wealth Sharing in Inheritance

Question 1: Harry’s Trust

When it is about sharing of wealth to future generation and preservation of values of a family, communication is very vital for a successful equity and trust. Dividing of your assets and wealth can be a complex and drawing conflict within involved parties. There are several situations whereby the obvious option is an equal distribution of assets and wealth among children is the right thing to do. However, in certain families, providing each child same inheritance could not make sense, so the question is, when does it make sense to leave each child the same and fair inheritance, as well as when does variation arrangements make sense too, and how might every decision made affects sibling harmony and whether the individual who wishes to share the wealth his or her wishes are undertaken as he or she intended them to be? According to Harry’s situation, he has four children, two of them are he had with his wife and the other two he adopted. However, one of the adopted children left them fifteen years ago and immigrated to New Zealand due to family misunderstandings and never kept up the communication. Harry has decided to leave them a total of 60 million euros t6o be shared among them. In this case, there are less pleasant reasons to leave an equal inheritance, even if Harry could feel that one of the children who left for New Zealand does not deserve it. By doing so, it can aid in avoiding the cost of conflict, both financially and emotionally. From a litigation standpoint, the most appropriate way is to determine the possibility of the child who left for New Zealand of involving a court or third party solving inheritance related disputes, which could affect their share Harry had not hoped.

The division of 5 million euros among Harry’s Tottenham Hotspurs teammates during his career days in gratitude for their team spirit sounds so alright. Reason is that Harry successful career was as a result of long term trustworthiness that took steps in developing a genuine relationship with these teammates. Note that, trust is the absolute necessity to create not only one’s reputation but also a strong connection of individuals who are likely to help one throughout his or her career. Therefore, provision of 5 million euros to show gratitude for their team spirit is justifiable. Provision of 50 euros to every person in North London who does not support a rival team Arsenal Football Club seems like a decision made on emotional stability. Harry forgets that the existence of a rival team made him a successful football player he became. Having a rival can offer performance-enhancing effects for one’s venture. Unless, Arsenal Football Club influenced Harry’s effective decision making during his football career and hurting his venture to success, this raises the question of should one not beneficiary of inheritance because of holding different opinion or belief? For instance, if one of Harry’s family member a fan of Arsenal Football Club home should s/he be disinherited because of the decision?

The decision by Harry to offer 20 million euros to Tottenham Football Club in maintenance of the football pitch and others to be used by pupils of White Hart Lane School shows that Harry appreciate the efforts offered to him in his career. It also indicate he felt that he was part of the community and would appreciate new upcoming talents in White Hart Lane School. Sharing out of his several trophies and medals depict that Harry owes these achievements to his supporting friends and family. But I believe that these trophies would be shared among the family first, then his friends get the reminder. Normally, family comes first since Harry has met so many people in his lifetime but only with family will have a blood connection, showing a permanent and a profound connection. Family offers unconditional love, they are reliable and accept the actual you in ups and downs, offering a happy place. They offer you a chance to grow, learn, mentor. In a family offers care, dependence, safety, and a spirit of togetherness that friends could offer. Therefore, these most precious medals should be offered to family first then the reminder be shared among his closest friends one being Mauricio.

Question 2: Settling of Estates without Will

When a solicitor is to settle an estate of a deceased individual who unlikely never left a will, there are a number of questions one has to answer. Initially, it is vital to comprehend that several types of assets are not passed along with a will, such as the real estate, bank accounts, life insurance proceeds, property held in living trust and several other. Therefore, it is not as complicated as it may seem now that Lucy has lost her life without having signed the declaration of trust document of 50 shares of a private company, along with a complete share certificate to her sole beneficiary; Eleanor who was her friend. These documents were sent by Lucy’s Sole trustee; Prudence for signing, but Lucy did not sign them as she fell sick. For Prudence and Eleanor to settle these issues, they have to first find out who inherits the private company Lucy has left behind. Therefore, it is important to locate the documents in which the beneficiary designation was established. It is important to involve a state law in case the documents did not name the executor, whom in this case is supposed to be Prudence, who initially had sent these documents to Lucy to sign. In a case these documents are found in Lucy’s safe and have Prudence’s signature, then she automatically becomes the executor in facilitation of transfer of will to Eleanor.

It is important to note that each state has laws that direct on what happens to property when someone dies without a valid will and the property was not left in some other way for instance in a living trust. But in this case, the draft document that Prudence had sent to Lucy before her demise, outline how her will or property will be transferred to her friend Eleanor. Basically, only spouses, children or registered domestic partners or relatives related by blood can inherit under intestate succession laws, and unmarried partners, charities and friends like Eleanor get nothing. However, countries have rules that prevent certain individuals from inheriting in case they misbehaved towards the deceased person, such as causing the death to the deceased or having left the deceased that led to the demise. In this case, Lucy’s death has not been caused by any individual, but fell ill independently. In case the will documents are found, another issue that faces Lucy’s executors is the lack completion of the forms and signing of the documents by Lucy before she fell ill and taken to hospital. Therefore, in a court of law, Prudence and Eleanor will face a challenge of proving thet the will was supposed to be inherited by Eleanor. It is because, they must demonstrate that Lucy was not coerced and requires testamentary capacity to prove or evidence. But in this case the evidence is insufficient as it lack Lucy’s signature. Therefore, the executors would require a liberal view by the court on what was to constitute Lucy’s signature. These standards include the names of the owner of the will. In a case where Lucy did not sign, then an additional proxy signature that is made by another person in this case Prudence signature that provided the documentation to Lucy is acceptable in court, as long as the documents were directed by the owner of the will in her or out of her presence. In addition, Eleanor is also provided a platform in front of a court to testify regarding her inheritance. It is as a result of the promise she was provided by Lucy in the hospital bed before her death where she told her that she was going to have the benefits of the 50 shares.

One of the most common developing blocks of inheritance law is the right of transfer a future interest. It is depicted as vested right that cannot be taken away by any other party in a will. But then Eleanor is in debt and after she left the hospital, she orally agrees to sell her beneficiary in the shares to Penny for 50,000 euros. This agreement cannot be effected until she first put it into writing and until Lucy had died. So selling of future rights to benefits is like selling rights to something that one may or may not even acquire. Eleanor also has a right to revoke the agreement may it be written or not documented in settling her debt.

Question 3: Validity of the Trust, Toni

In her will, Toni had outlined that her entire estate to be sold and proceeds to be held in a trust and invested. The will stipulated the distribution of the income from investments by trust. In the will, Toni specified the distribution of the returns of investment accordingly, where Rychester library to receive £1,000 yearly, £50,000 to be used in educating the British public on effects of burning fossils fuels, and her grandchildren to get £10,000 should they fall into poverty. The will further stipulated that £5,000 to go to maintenance of the Rychester Poker Club clubhouse. The remainder of the income from trust’s investments to be directed to furthering the purpose of the Order of Saint Angharad. However, the Order of Saint Angharad property was sold out following the death of the last nun in the order, who died six years ago. As such, the other beneficiaries except of the Order of Saint Angharad are bounded on specified trusts meaning trustee have to distribute the inheritances as given if the conditions are met for instance, if the children fall into poverty. Under Trust Law, the trust through ‘Declaration of Trust’ imposes a binding obligation on the trustee. However, holding, managing, and conferring of the trust lies on its validity. There is no question on whether the trust was properly constituted under beneficiary principle (Re Astor’s case) but under certainty of intention provision where the other four beneficiaries are to get specific amount of income yearly. The trust has an obligation to see through beneficiaries receive specified income from the investment but also ensure fairness in distribution if provision of the will is not clearly stated. The will is in line with the certainty of intention where Toni outlined through trust the distribution of income and transfer of property. The last will and testament outlined in details the sale and transfer of property, estate, through a trustee.

Under the provisions of the English Trust laws, inheritances and distribution of estates or proceeds from sale of the same should follow whether the beneficiary survives the testator. Accordingly, if a beneficiary dies or ceases to exist as a result of being sold out in this case or, in other form that makes it not possible to receive inheritance benefits, the specific beneficiaries willed to the beneficiary would lapse. However, Toni had willed inheritance distribution under specific trust except for the Order of Saint Angharad, which following the dead of the last nun, had been sold out 6 years ago surviving the testator. As such, the remainder of the income willed to the Order of Saint Angharad lapsed and will fall back to Toni’s residuary estate to be redistributed. In accordance to Toni’s will, beneficiary to be inherited by the Order of Saint Angharad was subject to discretionary trust with no specified amount to receive rather reminder of profits from investment done. The last nun died and property sold 6 years ago, hence, the Order of Saint Angharad is not bound by ‘five-day survival rule’. Moreover, the property was sold, therefore, a legacy lapses the income to residuary estate. The Toni’s will provided no alternative on lapse of beneficiary. Therefore, because the Order of Saint Angharad was to receive remainder of the income from trust’ investment without being specific, the trustee should distribute the remainder, if any, to other beneficiaries. However, the trust should distribute the remainder income equally and fairly among the four remaining beneficiaries, only if, the Toni’s grandchildren have fallen into power. Otherwise, the trust should distribute the remainder to three beneficiaries.

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