Equity and Trusts Examination Part A Documentation

Total Mark for Equity OWE: 72/100.

Equity and Trusts Examination – Part A – Documentation Document 1 – E- Mail from Janice Adrian From: Janice Adrian <:[email protected].>

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 1 / 3

Document 2 - Will of Mark Allen Stanton dated 26 th 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. 2 / 3

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.

5.2My 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.

5.4Subject 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.

6.1Charity 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).

6.2Investment of my Residuary Estate

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