Equity and Trusts

  Freer recently turned 90 years old and had been feeling unwell ever since. He was a widower and had three children, Jenny, Liz and Andrew. One week after his birthday he asked his children to visit him. Jenny, his eldest daughter, arrived first as she lived close by. To Jenny he said, "Here is a large envelope for you, but do not open it until you have left me". Liz, his younger daughter, arrived the following day. To Liz he said, "Here is my share certificate for 4,000 shares in BTC Ltd, together with a transfer in your favour which I've signed. You can also have my car; I don’t think I shall be driving again". Andrew, his only son, arrived the following morning. By this time Freer was feeling awful. To Andrew he said, "I think this might be the end. If I die I want you to have this house and all of the furniture. All the necessary papers are in the metal box in the attic. Here is the only key to the box". Freer died in his sleep shortly after Andrew had left. About a week later Jenny found Freer’s will (dated 16th January 2016). In his will he appointed Andrew as his executor and had only left half of his estate to be split equally between his children and the other half of his estate to Felicity (a carer and companion he had been very close to for the last 10 years of his life). In Jenny's envelope was a cheque for £10,000 and the title deeds of some freehold land. On the most recent conveyance (to Freer) it appeared Freer had written, "I now hold this land for Maud". In the metal box Andrew found a receipt acknowledging that Freer’s bank had safe custody of the title deeds to the house. Liz was unable to get herself registered in respect of the 4,000 shares as the directors of BTC Ltd (in accordance with the company's articles) refused to register her. Advise Andrew, the executor, on the distribution of Freer’s estate. 100 Marks