Total Mark for Equity OWE: 72/100.
Equity and Trusts Examination – Part A – Documentation
Document 1 – E- Mail from Janice Adrian
From: Janice Adrian <:.>
To: Trainee
Date: xx May 2024
Re: Estate of Mark Allen Stanton
I am due to meet with Hilary Pickard and Derrick Franks tomorrow and I would
like you to be at the meeting with me.
They are the executors for the Estate of Mark Stanton, a long-standing client of
the firm, who died suddenly last month. They have instructed the firm to assist
with the administration of the estate and already have a number of questions. I
am attaching a number of documents for you to have a look at before tomorrow.
1. A copy of Mark Stanton’s will.
2. Preliminary valuation of Mark Stanton’s estate
3. Printed copy of an email which Hilary and Derrick found when getting
together Mark’s papers.
4. Details of a text which Hilary received from Joshua.
5. A copy of an email Hilary and Derrick received from Ryan Hardcastle.
I have acted for Mark personally for a number of years. He set up his business,
Stanton Technologies Ltd (‘ST’) in about 2000. He was still on the board when
he died but retired from the day to day running of business nine months ago just
after the death of his wife Clare. Rather than handing the reins fully to his only
child, a son Joshua, he brought in a new Managing Director, Ryan Hardcastle,
giving him a 25% holding in the company. Joshua may have his father’s
technical brains (he is ST’s Development Director and one of the other
shareholders), but Mark was never sure about his financial abilities. While the
business went through a bit of a bad patch during the transfer they are now
doing well having just landed a major new development contract (our
commercial team was involved).
Joshua is 50 this year, and on his third wife, Lavinia. She is only two years
older than Joshua’s oldest child from his first marriage and Mark said that things
were a little strained between them. FYI, he has three daughters – Theresa,
currently 25, Jennifer who is 21 and Eleanor who just turned 18.
Mark did not use the firm for his will; I think he may have done it himself. We
will have to check it to make sure there are no issues and, judging from what
Hilary and Derrick have sent through, dealing with the estate may be
interesting. I was a little surprised at the value of Grange House, but I
understand that Mark had let it get a bit run down when Clare was ill.
Perhaps we can have a brief chat before the meeting. Would welcome your
thoughts.
Janice
, Document 2 - Will of Mark Allen Stanton dated 26th November 2023
I Mark Allen Stanton of Grange House, Nursery Gardens,
Warfield, Hampshire SM10 8HJ make this my last will and
testament. I revoke any previous wills and codicils.
My estate
In this will where the context so admits “my Estate”
shall mean all my property of every kind wherever
situate.
Funeral wishes
I would like to be cremated and my ashes to be
deposited in the grounds of my home, Grange House.
Appointment of executors and trustees
I appoint my good friends Hilary Pickard of Caversham
Cottage, Green Lane, Warfield, Hampshire SM10 8JY
and Derrick Franks of Hatch Farm, The Lane, Warfield,
Hampshire SM10 9HA to be the executors and trustees
of this will and declare that the expression “my
Trustees” means my executors and the trustees for
the time being of this will and any trust arising under
it.
Specific gifts and trusts
I give £10,000 to my late wife’s sister, Margaret Langford,
knowing that she will share it fairly with her children.
I give half my shares in Stanton Technologies Ltd to my
Trustees on trust to use the income to provide
educational scholarships to enable the children of staff
employed by Stanton Technologies at the date of my
death to study computer science at Warfield Academy.
I give Grange House to my son, Joshua, and I instruct my
Trustees to settle any mortgage outstanding on
Grange House before giving the property to him.
, Remainder of my Estate
My Trustees must hold my Estate on trust. They may sell all
or any of the assets in my Estate as they consider
appropriate. From my Estate they must pay:
a) my debts, including any mortgage on Grange
House;
b) my funeral and testamentary expenses;
c) all the gifts and trusts in this will; and
d) any inheritance tax that they have to pay.
5.2 My Trustees must hold whatever remains when these
payments have been made (“my Residuary Estate”)
for my son Joshua for life.
5.3 On the date on which my son’s interest under Clause
5.2 ends, my Trustees must hold my Residuary Estate
for such of my son’s children as shall be living at the
date of his death and shall attain the age of 25 and if
more than one in equal shares.
5.4 Subject to clauses 5.2 and 5.3, my Residuary Estate
and the income from it shall be held upon trust for the
MS Society (Reg. 1139257) for its general charitable
purposes absolutely.
Administrative Provisions
My Trustees shall have the following powers in addition to
their powers under the general law.
6.1 Charity
My Trustees shall have power to obtain a receipt for any
payment made to a charity under my will or any trust
created under it from the treasurer, or other apparently
appropriate officer, of the said charity (and they shall not
be bound to see or to inquire into its actual application).
6.2 Investment of my Residuary Estate
Equity and Trusts Examination – Part A – Documentation
Document 1 – E- Mail from Janice Adrian
From: Janice Adrian <:.>
To: Trainee
Date: xx May 2024
Re: Estate of Mark Allen Stanton
I am due to meet with Hilary Pickard and Derrick Franks tomorrow and I would
like you to be at the meeting with me.
They are the executors for the Estate of Mark Stanton, a long-standing client of
the firm, who died suddenly last month. They have instructed the firm to assist
with the administration of the estate and already have a number of questions. I
am attaching a number of documents for you to have a look at before tomorrow.
1. A copy of Mark Stanton’s will.
2. Preliminary valuation of Mark Stanton’s estate
3. Printed copy of an email which Hilary and Derrick found when getting
together Mark’s papers.
4. Details of a text which Hilary received from Joshua.
5. A copy of an email Hilary and Derrick received from Ryan Hardcastle.
I have acted for Mark personally for a number of years. He set up his business,
Stanton Technologies Ltd (‘ST’) in about 2000. He was still on the board when
he died but retired from the day to day running of business nine months ago just
after the death of his wife Clare. Rather than handing the reins fully to his only
child, a son Joshua, he brought in a new Managing Director, Ryan Hardcastle,
giving him a 25% holding in the company. Joshua may have his father’s
technical brains (he is ST’s Development Director and one of the other
shareholders), but Mark was never sure about his financial abilities. While the
business went through a bit of a bad patch during the transfer they are now
doing well having just landed a major new development contract (our
commercial team was involved).
Joshua is 50 this year, and on his third wife, Lavinia. She is only two years
older than Joshua’s oldest child from his first marriage and Mark said that things
were a little strained between them. FYI, he has three daughters – Theresa,
currently 25, Jennifer who is 21 and Eleanor who just turned 18.
Mark did not use the firm for his will; I think he may have done it himself. We
will have to check it to make sure there are no issues and, judging from what
Hilary and Derrick have sent through, dealing with the estate may be
interesting. I was a little surprised at the value of Grange House, but I
understand that Mark had let it get a bit run down when Clare was ill.
Perhaps we can have a brief chat before the meeting. Would welcome your
thoughts.
Janice
, Document 2 - Will of Mark Allen Stanton dated 26th November 2023
I Mark Allen Stanton of Grange House, Nursery Gardens,
Warfield, Hampshire SM10 8HJ make this my last will and
testament. I revoke any previous wills and codicils.
My estate
In this will where the context so admits “my Estate”
shall mean all my property of every kind wherever
situate.
Funeral wishes
I would like to be cremated and my ashes to be
deposited in the grounds of my home, Grange House.
Appointment of executors and trustees
I appoint my good friends Hilary Pickard of Caversham
Cottage, Green Lane, Warfield, Hampshire SM10 8JY
and Derrick Franks of Hatch Farm, The Lane, Warfield,
Hampshire SM10 9HA to be the executors and trustees
of this will and declare that the expression “my
Trustees” means my executors and the trustees for
the time being of this will and any trust arising under
it.
Specific gifts and trusts
I give £10,000 to my late wife’s sister, Margaret Langford,
knowing that she will share it fairly with her children.
I give half my shares in Stanton Technologies Ltd to my
Trustees on trust to use the income to provide
educational scholarships to enable the children of staff
employed by Stanton Technologies at the date of my
death to study computer science at Warfield Academy.
I give Grange House to my son, Joshua, and I instruct my
Trustees to settle any mortgage outstanding on
Grange House before giving the property to him.
, Remainder of my Estate
My Trustees must hold my Estate on trust. They may sell all
or any of the assets in my Estate as they consider
appropriate. From my Estate they must pay:
a) my debts, including any mortgage on Grange
House;
b) my funeral and testamentary expenses;
c) all the gifts and trusts in this will; and
d) any inheritance tax that they have to pay.
5.2 My Trustees must hold whatever remains when these
payments have been made (“my Residuary Estate”)
for my son Joshua for life.
5.3 On the date on which my son’s interest under Clause
5.2 ends, my Trustees must hold my Residuary Estate
for such of my son’s children as shall be living at the
date of his death and shall attain the age of 25 and if
more than one in equal shares.
5.4 Subject to clauses 5.2 and 5.3, my Residuary Estate
and the income from it shall be held upon trust for the
MS Society (Reg. 1139257) for its general charitable
purposes absolutely.
Administrative Provisions
My Trustees shall have the following powers in addition to
their powers under the general law.
6.1 Charity
My Trustees shall have power to obtain a receipt for any
payment made to a charity under my will or any trust
created under it from the treasurer, or other apparently
appropriate officer, of the said charity (and they shall not
be bound to see or to inquire into its actual application).
6.2 Investment of my Residuary Estate
