The Distribution of Lord Amstrad's Estate
Lord Amstrad, the well-known socialist billionaire, died on 1st April, 2004. His will, executed on 1st February, 1993, states:
"Everything I own is to be sold by my trustees. The resulting fund is to be distributed, subject to paying a reasonable income to my niece Josephine during her lifetime, to underpaid nurses and ancillary staff working in the National Health Service."
In the distribution of Lord Amstrad's estate in accordance with his above-stated will, there are several factors that the trustees must consider. First of all, the trustees must determine what constitutes Lord Amstrad's "estate." Then, they have to determine what is a "reasonable income" for Josephine and what form of disbursement would be the most efficient. Once Josephine's portion is secured, the trustees must select a method in which they can best distribute the remainder of Lord Amstrad's estate to the underpaid nurses and ancillary staff working in the National Health System. In addition to the issue of the estate, the trustees must also maintain the duty of care required of trustees. Taking these factors into consideration, a portion of Lord Amstrad's estate is to be distributed via a discretionary trust for his niece, Josephine, and the remainder shall be distributed through a charitable trust instrument to the underpaid nurses and ancillary staff working in the National Health Service ("NHS").
The property and assets of Lord Amstrad to be disposed of through his will shall be determined by what the Wills Act of 1837 deems as part of the estate. Under section 3 of the Wills Act, Lord Amstrad can dispose of by will "all real estate and all personal estate which he shall be entitled to, either at law or in equity, at the time of his death". "Real estate" includes "manors, advowsons, messuages, lands, tithes, rents, and hereditaments, whether corporeal, incorporeal, or personal, [...] and to an...