The Creation of a Trust Which Depicts the Formalities That Are Essay

The Creation of a Trust Which Depicts the Formalities That Are Required In the Dissemination of the Deceased Properties to the Beneficiaries - Essay Example In the paper, John drafts a will and appoints Tessa and Vincent as the trustees of his widow Susan and the two children.   On the death of John Susan accuses the trustees of breaching their mandates, therefore the following advice is going to be very important to determine whether Susan will be able to win the case and granted trust of the properties. It is notable will contained no express power; it simply stated that Tessa and Vincent were to hold the said properties until the opportune moment for them to grant them to the right beneficiaries who are the family. According to Target Holdings Ltd v Redferns, the right of the beneficiary is to have the trust administered in the best way it was intended in conformity with the general law and the trust instruments. Thus, according to law, the beneficiary will always be granted access to the will or deed and the accounts which are linked to the trust. Proper justifications are to be given to any shortcomings which may be pinpointed; ho wever, in this case, it is apparent that the trustees never informed the beneficiaries on the investments they had made. Thus, there is a breach of contract which makes them liable for the loss and any abnormalities which come about. It is evident that the trustees misapplied the money in their hands for their personal use. None of the beneficiaries is really aware of what is going on until when they make the claim and want to have the money for their own use. According to the case of Wallersteiner v Moir, the trustees are liable for any unnecessary delays and circumstantial impacts they may cause the beneficiaries. Susan is thus in the right position to sue the trustees and claim their authority inappropriate in managing the properties and accounts. There is a falsification impression which is created in the whole process. It is sufficient that the trustee is liable to a want of ordinary prudence. By the trustees delegating their duties to the Best Finance Company, they defied thei r obligations entirely. Besides that, there is no clear motive for them to surrender managerial roles of the will to this company which has questionable characters and performances.