Assignment:
COMPULSORY ASSIGNMENT
On 12 November 2017 Elton executed a will that was witnessed by Alvin and Mark. The will included the following provisions.
1. Gary was appointed executor and trustee.
2. Clause 5 stipulated that Elton's bank account with Eastpac Banking Corporation Ltd (Eastpac) was to be held by Gary ‘to provide financial assistance to refugees, who have arrived in Australia, during the period of time in which their applications for permanent residence in Australia are being processed'.
3. Clause 6 left the residue of Elton's estate to Ringo.
On 1 September 2018, Alvin died. In his will he left his entire estate to Elton. The executor of the will is Mark.
On 18 October 2018, Elton wrote a letter to Ringo which stated:
As you know, you are the residuary beneficiary in my will. However, as you also know Tina lives in the flat that I own in Coogee. I forgot to make provisions for her in my will, and I would like for her to be able to live there until she dies. This is important for me as Tina has been a great friend to me and she has no other place to live.
On 1 November 2018, Freddie and Elton executed a voluntary deed in which Freddie agreed to assign to Elton his equitable interest in shares Acme Ltd. Joseph is the bare trustee of those shares for Freddie.
On 3 November 2018, Elton was seriously injured in a motor vehicle accident and rushed to hospital. On the following morning, Gary came to visit Elton at the hospital and Elton said the following to Gary:
Mate, we have been great friends for a long time now. I have got to have major surgery this afternoon and I don't know if I am going to make it through. Here are the keys to my safe at home. You will find there the title deeds to my Torrens title house in Manly. A couple of days ago I wrote to Stan, my solicitor and authorized him to prepare and sign a transfer document transferring it to you. He has a power of attorney from me.
After Elton gave Gary the keys to his safe, Gary said to Elton:
Don't worry about any of this. You are going to be fine. After the surgery we can deal with all this.
Later that day Elton died during surgery.
Following Elton's death, Gary made various enquiries and discovered the following information:
1. Elton's bank account with Eastpac had, as at the date of Elton's death, a balance of $2,000,000.
2. Ringo received Elton's letter on 22 October 2018, but had not said anything about it to Elton. Ringo also claimed that he was entitled to the funds in the Eastpac bank account.
3. Stan, who had received Elton's letter to him on 5 December 2018, had stated that Elton's death meant that he was unable to carry out Elton's instructions in relation to the Manly house.
4. Alvin's estate consists of a Torrens title house in Mona Vale and a bank account with the Australian National Bank Ltd that had a balance of $10,000 at the date of Alvin's death. At the date of his death, Alvin had various debts and liabilities totaling $5,000. Mark has done nothing in relation to his duties as executor of Alvin's will.
Gary seeks your advice as to the following:
(a) Whether Ringo is entitled to the funds in the Eastpac bank account?
(b) Who is entitled to Elton's equitable interest in the Acme Ltd shares?
(c) Whether Tina is entitled to any proprietary interest in the Coogee flat?
(d) Who is entitled to the Manly house?
(e) Who is entitled to Alvin's estate?