ADVANCE FACTS

These facts relate to the compulsory question on the written part of your examination only.

You act for George Lamb, whose cousin, Tony Doyle, died suddenly last week. George shows you a copy of Tony's validly executed will (below). He says:

'It's an honour to be asked to administer Tony's estate, but I've never been a trustee before and I'm a bit worried about what it involves. I'm self-employed and work as a builder full time. I know his daughters well - they want to go into business and higher education. They are also very independent - they've left home already.'

Will

1. Identification and revocation

I, Tony Doyle of Barrow House, Manor Road, Stretford M32 8GN revoke all former wills and declare this to be my last will ("my Will") which I make on the 23 December 2022.

2. Executor and Trustee

I appoint as my executor and trustee, my cousin, George Lamb, of 22 Manor Crescent, Streford M32 8GN ("my Trustee").

3. Legacies

I give my home 'Barrow House' and my shares in Bestbrew Limited to be held on trust for such of my children, Anna and Susan, who attain 25 years old and if more than one, in equal shares.

4. Gift of residue

I give the residue of my estate to Shelter (a registered charity).

Dated: 23 December 2022

Signed by the testator in)

our joint presence and )

then by us in his )

Mike Vitalis 300 Kings Road Stretford Teacher

Fiona Trott Quadrant House Stretford Parkway Dentist

Tony Doyle

You will recall from the Advance Facts that George Lamb has been appointed as Executor and Trustee under the will of Tony Doyle, his cousin.

The total value of Tony's estate is around 800,000. It includes one freehold property, Tony's family home 'Barrow House' worth 500,000 and some shares in Bestbrew Limited which are worth 300,000.

Anna and Susan (Tony's daughters) have both asked George for money from the trust. Anna is 17 years old and wants 30,000 to buy equipment for a dog grooming business she wants to set up.

Susan is 22 years old and would like 10,000 to study accountancy and an income to pay the rent on her student flat.

Anna and Susan also want George to sell the Bestbrew Limited shares and to use the money to buy more properties for the trust.

1. Explain to George whether he has to agree to Anna and Susan's requests.

George is concerned that he has no experience of being a trustee and will struggle to run his own business and administer the trust. He wants to know whether he can get some help with his trustee duties and investment in particular.

1. Explain to George what options may be available to him to help him with his trustee duties.

George has always liked Barrow House and as Anna and Susan have both moved out, he would like to purchase the property for himself as a building project. He wants to know whether that is possible.

1. Explain to George whether there could be any issues for him in buying Barrow House.