Equity and Trusts Essay Example | Topics and Well Written Essays - 3000 words

Equity and Trusts - Essay Example However, at times, it can be stressful and intimidating depending on the experience of the chosen executor. As such, those who are inexperience in estate distribution may inadvertently land themselves or the estates under their watch at risk. According to Beckert (2007), estate administration or settling an estate is defined as the process in which a deceased person estate and financial affairs are brought to a close. This paper focus on distribution of Adams will in line with British trust laws. Executor and executorships responsibilities The role of an executor is to implement what is stipulated in the will in accordance with laid down trust law. According to Dauncey (2005), all beneficiaries must be treated fairly and equitably. The executor should gather information about all assets, locate them and ensure their protection. In addition, liabilities, debts and any unpaid taxes must also be assessed and payments made. In Williams v Williams, the judge upheld that the executor must have the ability, knowledge and clear understanding of testators’ estate in order to properly oversee investments, business interests, and real estate holdings and manage them in an effective manner. In order to ensure distribution of the deceased person estates, the executor may engage agents such as lawyers, accountants and trust professionals to assist in interpretation of the will provisions and the law for proper administration. Laws of succession are concerned with transfer of personal and real property from the testator to the successor. In 19th century, the British enacted Married Women Property Act that gave married women the right to own and control property inherited from their husbands. According to Succession Act 1981, section 45(1), in the event that a testator is a trustee, the clause excludes the vesting powers of a personal representative to act as the trustee of the property. In Adam’s case, the testator was a trustee, but in addition, had appointed t wo other trustees, Ahmed and Jake to manage his property. Therefore, the appointed trustees assumed powers, authorities and discretions of a trustee since they had been given powers upon creation of a trust. The Wills, Estates and Succession Act, 2009, provides that only property within the deceased estate shall be allocated to the beneficiaries in line with the will, trustees deed or by following scheme of intestate succession. Section 42 through to 50 of Wills, Estates and Succession Act, 2009 provides that testators property included in the will, trustees deed is said to â€Å"pass â€Å" by the instrument in which it is bequeathed. However, any property that is subject to bequeath in respect of Family Law Act, 2009 may pass to the surviving dependants directly. Adam and with his family were involved in a plane crash and unluckily, Adam and his three children succumbed to injuries. However, the wife Alexandria who was pregnant survived though the doctors termed her condition as critical. Alexandria was pregnant and later on gave birth to twins. Luckily, Adam had written a will which was witnessed by two persons, that is personal assistant and the secretary. Additionally, the deceased had also issued some oral instructions on administration of his estate. However, Ahmed and Jake who were appointed as executors will