Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gloria is a wealthy woman. She transfers 10,000 to a professional trustee, and instructs her to use the money to give 100 to any woman

Gloria is a wealthy woman. She transfers 10,000 to a professional trustee, and instructs her to use the money to give 100 to any woman who is dedicated to promoting women's rights. Gloria transfers another 10,000 to the trustee, saying that she is to distribute it between her associates who have promoted women's rights.

Gloria contributes a further 50,000 to the purchase of her daughter's home. Shirley, Gloria's daughter, tries to discuss the terms of the transfer with Gloria. Gloria tells her, "we do not need to worry about that right now, and can sort it out later."

Gloria is also the beneficiary of a trust. The trustee, Alice, has recently been experiencing some financial difficulties. Alice uses 10,000 of the trust money to pay a debt she owes to Bella. After the transfer, Bella has 20,000 in her bank account. Bella uses 5,000 to invest in some shares in Ms Magazine plc and another 5,000 to pay off the remaining balance she owed for the installation of a new kitchen.

Alice is now bankrupt. The shares in Ms Magazine plc have doubled in value. Advice Gloria about any potential legal issues.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contract Law Directions

Authors: Richard Taylor, Damian Taylor

8th Edition

0198870590, 978-0198870593

More Books

Students also viewed these Law questions