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Complete 6 pages APA formatted article: Law of Trusts. As far as this particular trust is concerned, no conflict should arise. As remainderman, John will have the right to the extraordinary receipts s
Complete 6 pages APA formatted article: Law of Trusts. As far as this particular trust is concerned, no conflict should arise. As remainderman, John will have the right to the extraordinary receipts such as sale proceeds. If this gift had been shared, he would have also received stock splits and dividends. John will also be responsible for any extraordinary expenses involved, such as amortization of principal or any other costs incurred.
However, there is the question of the covenant that George has made with the trustee's Dick and Harry in 1997 when the marriage settlement trusts were made to transfer 5000 shares in the Company and the sum of 200,000 pounds in cash and the question of whether it would affect John’s interest. A covenant is in the nature of a promise made to a volunteer and in order to be actionable, it must be Since George died only in 2004, one aspect that will be of significance in the courts is the fact that George did not go through on the constitution of the covenant, therefore this indicates that there was a lack of intention which is one of the requirements to establish the existence of a trust1. However, even if the trust has not been constituted, in the event that the beneficiary gave some consideration, the trust will be enforceable. Since Harry and Dick have provided the service of trustees and are going to execute the trusts set up by George, they could have enforced the promise.
It appears likely that the two trustees will not be able to press for damages and will have no way to enforce the promise in Court, especially since George did not formally execute the covenant through a written document when he was alive, even after the five year period stipulated.
In the case of the trust comprising the residuary estate, there are competing interests here as well. Firstly, George had made a will in which he had allowed the sum of 200,000 pounds to his sisters, for them to provide a “reasonable amount” for their aunt. .
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