Advise executors whether any of intended beneficiaries

Assignment Help Business Law and Ethics
Reference no: EM131215616

TRUST MID-SEMESTER QUESTION

Wande and Chuks a young couple decided to get married, on the happy occasion, Wande's father Fashina who is a leading heart surgeon covenanted with his friends Farouq and Frank who were also the executors under his will to transfer to them 25million naira and a house in Banana island to hold on trust for the benefit of Wande and Chuks for the expected lives,thereafter, for their children and thereafter for their grandchildren. Failing issue, the trust properties were to be conveyed to Mallam his next of kin absolutely. The day after the wedding, Fashina who had made a fortune from his practice at Banana Island received shocking news that he had an inoperable brain tumour and he was unlikely to live longer than the next twelve months. Fashina then decided to sort out his affairs. He called the trustees and told them that they would shortly be transferring the house and cash to them.

He also executed a further covenant to the trustees transferring to them his portfolio of 25million shares in Nestle Plc. Later that night, Fashina executed the necessary documents relating to the various properties except the 25million naira cheque which he had filled but forgotten to sign. He gave the documents to his solicitor to effect the transfers.

When he went to the door to see the solicitor off a bolt of lightning suddenly struck and killed both men instantly.

Consider the issues raised here and advise the executors whether any of the intended beneficiaries and donees are entitled to an interest in any of the various properties.

Reference no: EM131215616

Questions Cloud

Vacation packages and then outline : Your manager has asked you to select this year's vacation package at location that has educational value. You have a budget of $ 6000. Using the web, compare and contrast different vacation packages and then outline the reasons for your recommenda..
Difficult for marketers to anticipate : Within the external environment, social factors are perhaps the most difficult for marketers to anticipate. Several major social trends are currently shaping marketing strategies.
Demonstrating the health benefits of cocoa : What happens to the price and the quantity bought and sold in the cocoa market if countries producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and suppl..
Explain how the magnetic audit trail functions : Explain how the magnetic audit trail functions. - Are large batch sizes preferable to small batch sizes? - Discuss why an understanding of legacy system technologies is of some importance to auditors.
Advise executors whether any of intended beneficiaries : Consider the issues raised here and advise the executors whether any of the intended beneficiaries and donees are entitled to an interest in any of the various properties.
Believing in market research : Nessca Corp. manufactures electronic gadgets. It instructs its marketing team to competitively advertise and promote its gadgets. The company, instead of believing in market research, believes that the market will absorb more products if customers..
How each learning pattern will be used to effectively : Explain how you will forge, intensify, or tether (FIT) your Learning Patterns to implement personal strategies so you can complete the Week Five assignment efficiently and effectively. If you do not need to FIT a Pattern, include a description of ..
Revolutionized the marketplace and space : Give actual examples of how technology has revolutionized the marketplace and space. Providing a link is strongly suggested. Companies know that they need to capture a variety of customers. They need to be part of the technological revolution to a..
Calculate the new equilibrium interest rate and quantity : Calculate the new equilibrium interest rate and quantity, and explain why the direction of the interest rate shift makes intuitive sense.

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  Legal environment of business caselet

The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..

  Business ethics & legal issues caselet

This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.

  Questions on business law and ethics

Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.

  Discuss the doctrine of ratification of pre-incorporation

With the aid of a decided cases, discuss the doctrine of ratification of pre-incorporation contract.

  Discuss the extent of phoenixing activity

It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.

  Application of law to facts

Company Law, Application of Law to Facts and Conclusion.

  Question on business law and ethics

This assignment related to business law.

  Questions on business law

Answer all the questions under business law.

  Iidentify the issue raised by the facts

Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.

  Evaluation of software development

Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.

  Business value and ethics

Business value and ethics,  Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..

  Explain what is meant by income by ordinary concepts

Advise what tax consequences arise in respect of the payments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd