TRUST MID-SEMESTER QUESTION
Wande and Chuks a young couple decided to get married, on the happy occasion, Wande's father Fashina who is a leading heart surgeon covenanted with his friends Farouq and Frank who were also the executors under his will to transfer to them 25million naira and a house in Banana island to hold on trust for the benefit of Wande and Chuks for the expected lives,thereafter, for their children and thereafter for their grandchildren. Failing issue, the trust properties were to be conveyed to Mallam his next of kin absolutely. The day after the wedding, Fashina who had made a fortune from his practice at Banana Island received shocking news that he had an inoperable brain tumour and he was unlikely to live longer than the next twelve months. Fashina then decided to sort out his affairs. He called the trustees and told them that they would shortly be transferring the house and cash to them.
He also executed a further covenant to the trustees transferring to them his portfolio of 25million shares in Nestle Plc. Later that night, Fashina executed the necessary documents relating to the various properties except the 25million naira cheque which he had filled but forgotten to sign. He gave the documents to his solicitor to effect the transfers.
When he went to the door to see the solicitor off a bolt of lightning suddenly struck and killed both men instantly.
Consider the issues raised here and advise the executors whether any of the intended beneficiaries and donees are entitled to an interest in any of the various properties.