Equity and Trusts Essay Example | Topics and Well Written Essays - 1000 words - 1

Equity and Trusts - Essay Example The formal declaration is not subject to any alteration and therefore settles any dispute that would possibly arise from the process of sharing the property. A will is a binding document that is always not subject to any form of alteration. Alan Jones leaves behind a will elaborating how he would wish to share his wealth. The terms of the will just as is the situation with any other are legal terms and therefore require effective analysis and interpretation. Everyone referred to in the will must receive the resources allocated to them and utilize the resources as directed by the deceased. This implies that the lawyer does not only oversee the interpretation of the will by making the terms understandable to the parties but also ensures that the specific parties carry out the mandate bestowed upon them by the author of the will (Ross, 2004). In his will, Alan Jones begins by allocating his former wife, Lucinda an amount of money worth five hundred pounds. In the directive, Alan says th at he hopes the woman puts the money in a trust to help the Ilchester animals sanctuary so that the money helps the sick animals in the sanctuary (Garth, 1998). The terms of the will in relation to the former wife are liberal. Alan gives the woman the amount and in so doing, he bestows on her the mandate to invest the money as she wishes. He later advises that the woman invests the money in a trust, the tone of the directive is an advice and so, the woman has no prerogative to comply with it. He says that he wishes she invested the money in trust to help sick animals in the sanctuary. Despite this, the woman has the right to invest the money as she so wishes only that it would make him happier if she did invest the money in the trust as he advises (McKendrick, 2012). From the composition of the directive, it is possible Allan knew that his former wife and a passion for conserving the animals. He, therefore, presumes that the receipt of such an amount would help her realize her dream of reaching out to the animal orphanage. This information compels Alan to advise her to do so with the money. Possibly, the woman may decide to invest the money in the trust as he advises but the terms of the will does not bind the stakeholders to use the money in the assistance of sick animals since this again is another random advice such he believes that the sanctuary protects only sick animals (Amsterdam & Bruner, 2002). The sanctuary after receiving the money has the authority to invest it in a manner they deem necessary since the terms of the will do not influence their budgetary allocation and internal operations. In the second sentence, he gives his two houses to his brothers Kip and Tim. He makes it clear on the location of the houses by naming thereby making it clear that the two houses include the one on number 12 High Fullchetser while the other in 42 High Ilchester. By naming the location of the houses, Alan makes the will clear and does not, therefore, create confusio n with any other interested parties on the two houses. On the same sentence, he says that Kip to have the first choice, a depiction of presence in which he apportions his brother Kip the chance to choose either of the house before his other brother Tim. Kip, therefore, makes the first choice on which house to retain after which Tim retains the other.     Ã‚