Trust and equity law
Over the last 40 years, Oscar Osano, a renowned jeweller and diamond merchant, has amassed a considerable fortune by trading in the best quality merchandise supplied to him by his cousin, Dario Darnelli. Oscar’s assets include a small collection of valuable watches and 5,000 shares, worth £5 million, in a privately owned company, Lustrano Limited.
Oscar has never married and his closest relations are his three sisters, who are all independently wealthy. From the outset, he has been ably assisted in his business affairs by his childhood friend, Zara, whom he trusts implicitly. Whilst Zara is loyally devoted to Oscar, she feels a deep-rooted sense of antagonism towards his sisters, who used to make fun of her as a child because her family was poor. However, she has never disclosed any of this to Oscar.
Shortly before going on a Caribbean cruise last month to celebrate his retirement, Oscar executed a Deed of Settlement, in which he appointed Dario as trustee. Clauses 1 and 2 of this Deed read as follows:
1. To my friend and managing agent, Zara, my ten diamond-encrusted watches secure in the belief that she will deliver them up to my three sisters, Anna, Bella and Clara, two of these watches to Anna as she (Anna) may choose and the others to Bella and Clara between them;
2. To Dario, 2,000 of my shares in Lustrano Limited to be distributed in whatever manner he considers appropriate amongst those who purchased jewellery from my retail premises at 25 Park Lane, Lyndon on the day the store opened and who still have such item in their possession. If Dario is not inclined to do this, the majority of the shares are to pass to him absolutely.
On the same day (30th September 2014), Oscar made a Will appointing his solicitor, Greta Granforth, as executor and trustee. The Will contains the following provision:
(a) All my estate on trust to be divided equally between all the employees of Fix-It Limited who completed the building work at 25 Park Lane, Lyndon to enable the store to be opened for business on schedule on 1st May, 1974
Oscar was born on 30th April 1944 and, the following day, his father, Theo, was killed at the age of 30 years, whilst trying to protect his diamond warehouse in Amsterdam from the Nazis. As soon as Oscar was old enough to understand what had happened, it became his overriding ambition to open his first jewellery store for business on the 30th anniversary of Theo’s death. A selection of commemorative items was offered for sale to mark the occasion.
Fix-It Ltd is still trading and has a workforce of 50 employees, being broadly the same in number to its size during the 1970s. However, its original premises were demolished in 1999 and the Company has since been trading from a different site.
A fortnight ago, the cruise-ship on which Oscar was sailing was destroyed by a freak tornado. On hearing the news, Anna suffered a heart attack and although it was hoped that she would make a full recovery, she sadly died 2 weeks later in Dario’s car on her way home from hospital.
Advise Greta Granforth on the validity and effect of Clause (a) of Oscar’s Will and whether any of the assets mentioned in Clauses 1 and 2 of the Deed of Settlement are likely to comprise part of Oscar’s estate on his death.
Please note: You are not required to discuss the formalities (if any) required for creation of a trust or whether constitution is satisfied in relation to any of the assets referred to in this question.
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