Reference no: EM13995370

1. Characterise the following dispositions contained in John's will:

1.      I give my Maserati car to Ben, on the condition that Ben pays my 

2.      I give my house in Bundaberg to Jane absolutely, with the hope that she will allow my mother to live there until she dies.

3.      I give $25,000 to Davis, to be used for the costs of educating Mary and to be hers absolutely when she attains 21 years.

4.      I give the residue of my estate to Frances who may, at her absolute discretion, give such residue to anyone she thinks fit, barring herself, Ben, and Jane. If Frances fails to dispose of the residue in her lifetime, it shall become the property of Mary.

2. Priscilla is a fashion designer and appointed Val to sell her designs. Val also sells fashions created by some 60 other designers. Each week Val sells and average of 1,500 items of clothing to various retailers. The money received from the retailers is deposited into Val's Sales Account, from which she pays her weekly business expenses.  Val accounts to the designers she represents every three months for the sale proceeds, less her commission. Val operates in accordance with the standard practice in the fashion industry, which has been subjected to no government regulation.

Last month Priscilla decided to sell some of her vintage clothing collection, and appointed Val to hold an auction. The auction was a great success. Val opened a new account called Vintage Auction Account and deposited the $25,000 proceeds into it, less her commission.

Hugo, Priscilla's father, died last month. Hugo's will, which is valid, provides as follows:

1. I appoint David and Robb to be my executors and trustees.

2. I give all my estate, real and personal, to my executors and trustees on trust as follows:

(a) as to my signed, limited edition  Robert Mapplethorpe photograph, for my son Guy provided that he pays my daughter Priscilla a sum of money equivalent to half the valuation of the photograph within six months of the date of my death.

   (b) as to the residue of my estate, for my wife Tina absolutely.

Priscilla now seeks your advice. She has instructed you that the Mapplethorpe photograph is worth $10,000. She has also told you that Val has not paid over the proceeds of the vintage clothing auction, six months worth of sales remain unpaid, and that Val was declared bankrupt yesterday.

Advise Priscilla.