Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Asp Law Case: Leo Pedersen and Calvin Pedersen are brothers. In 2010, Leo left his job to set up Viking Oak Software Ltd. His company
Asp
Law Case: Leo Pedersen and Calvin Pedersen are brothers. In 2010, Leo left his job to set up Viking Oak Software Ltd. His company has grown into one of the top providers of cybersecurity solutions in England. Leo is the director and the majority shareholder, owning 100,000 shares. In 2012, his brother Calvin joined the company and became the owner of 50,000 shares. In 2020, Leo was diagnosed with a medical condition expected to shorten his life expectancy dramatically. Having received the news, he decided to draft a will. He began thinking about who he wanted to benefit from his will. Beyond his close family members, Leo decided to benefit a few other people. In particular, Leo thought back to the early days of Viking Oak Software Ltd. During its inception, his first employee, Lucy Wilson, had been instrumental in bringing in new clients helping the company to stay financially viable. In 2016, Lucy and Calvin had started a relationship that ended in 2019 when Calvin discovered that Lucy had been having an affair with another man. Despite this, Lucy had always been good to Leo, and so he wanted her to benefit from his will regardless of what had happened between Lucy and his brother. Nevertheless, Leo was adamant that Calvin was never to find out about Lucy benefitting from his will. On 7 th July 2020, Leo emailed his solicitor, Amran Khatun suggesting a secret scheme that would allow Lucy to benefit without Calvin finding out. [Attachment 1 contains the email conversation between Leo and Amran] On 20th July 2020, Leo executed a valid will. [Attachment 2 contains Leo's will] On 27th February 2021, Calvin and Leo went out for lunch to discuss the future of Viking Oak Software Ltd. They agreed that Calvin would transfer 5,000 of his shares in the company to Jurgen Snow, who had agreed to become a company director. Calvin told Jurgen that he would arrange for the transfer shortly. On 1 st March 2021, Calvin executed a stock transfer form to transfer the 5,000 shares. He placed the transfer form and the share certificate in a drawer in his home office. He asked Leo to collect the documents and bring them to the company so Jurgen could be registered as the new owner of the shares. Leo promised to collect the documents in mid-March 2021 after the brothers' business trip to Japan. On 3rd March 2021, Leo and Calvin were involved in a fatal road traffic accident whilst on their way to Heathrow to catch a plane to Japan. Neither of the brothers survived the accident. Based on these three documents, you will need to address the following issues and questions with reference to case law and other appropriate sources: 1. Consider the effect of Clause 8 in Leo's will and whether Lucy Wilson has a valid claim against Amran if he decides to give the money to his son. 2. With reference to the three certainties, consider whether Clauses 3 - 7 (inclusive) in Leo's will create valid trusts. 3. With reference to constitution of trusts (and gifts), consider whether ownership of the 5,000 shares passed to Jurgen Snow, and if not, whether Equity will assist him to perfect an imperfect gift. Words 2500 mustStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started