Equity and trusts Case Study Example | Topics and Well Written Essays - 2500 words

Equity and trusts - Case Study Example In the scenario, Tom was appointed by Vito as "trustee" over a "general legacy" worth 100,000. As defined, a trustee is someone who has nominal title over a property that he/she holds for the benefit of one or more beneficiaries. He/she must show a high standard of care towards her/his beneficiaries and must never permit his/her own interests to conflict with those of the beneficiaries; this person must not profit from whatever that was entrusted to him/her (Martin, 2002). Based on the definition of the word, Tom can't keep the money for himself. It must be noted that there was no overt manifestation (verbal acceptance or rejection) from Tom at the time Vito conveyed his intentions which might be construed as non-acceptance of the responsibility, however, the law only requires the presence of three "certainties" for a trust to exist - certainty of intention (Vito worries about his mistress and illegitimate son so he's leaving some money for them), certainty of subject matter (100,000) and certainty of objects (mistress Lucy and son Santino). In the scenario, these three were explicitly present, therefore, Tom must shoulder this obligation.(2) Fredo wants to know what he should do with the shares in Transit Ltd, as he finds clause of the will very confusing There is nothing confusing in the provision of the will as far as the shares in Transit Ltd are concerned or who should benefit from the company's income. It was evidently declared that Fredo, aside from being one of Vito's estate executors, was also to act as trustee of Transit Ltd for the benefit of any of the family members within the period of ten (10) years. Likewise, he is to distribute income from the shares among residents of West Midlands whomever he sees is fit to get... There were facts that have been established before Vito’s death. First, there was an expressed declaration that 5,000 shares of Lucrative Plc will go to Connie, Vito’s daughter. Although Vito was no longer able to execute an actual share transfer in favour of Connie, such intention was manifested in a card wherein it was explicitly written that such number of stock shares be given to his daughter. In addition to the written note, was the fact that he occasionally emailed statistics to her in order to keep her informed as to the performance of the shares on the stock market, another manifestation that indeed he was bent on letting his daughter be aware of stock market circumstances in preparation for her coming into possession of a substantial amount of stock shares. Second, Michael has been held as the sole beneficiary of the London penthouse, it was expressedly given to him as a gift during his 16th birthday. Since according to the law, those under 18 could not yet enj oy the fruits or income of whatever trusts that have been left to them, Fredo is there, the brother and executor to see to it that Michael gets the penthouse when he gets to the age of maturity.

Leadership and Business Improvement Research Paper

Leadership and Business Improvement - Research Paper Example Leaders form an environment where people feel free to voice dissent. Leaders do this through actions. A leader does not fire people as they goofed, and in fact support dissent. Leaders have to reward people for differing, to reward modernism, and to ensure failure. Leaders link all these with forming a trusting atmosphere but most of the trust comes not from a fastidious technique, but from the character of the leader. To create trust, Leader needs to have following things.First, the leader has to have the capability. The employees have to trust his or her ability to do the job. Secondly, people are anxious with congruity that a leader is a person of reliability. If you are an effective leader, what you say is compatible with what you do, and that is similar to what you feel, and that sequentially is similar to your vision. Third, people desire a feeling that the leader is on their side that he or she will be stable. They want to distinguish that in the heat of battle; their leader w ill support them, protect them and endure with what they require to win. Lastly, leaders, they trust need to care about the lives of the people with whom they are working, need to understand with them. Leaders also show care concerning the illusions of his or her actions and the consequences of decisions. Capability, congruity, and loyalty, and being thoughtful is the quality a leader that must symbolize in order for trust to be formed in a group. It gets a long time to generate and maintain. It takes recurring interactions. Leaders are primarily the results leaning individuals in the world, and results get consideration. Their visions or objectives are persuasive and drag people toward them. Intensity coupled with obligation is alluring. These strong personalities do not have to force people to focus on; they are so intent on what they are doing that, like a child totally fascinated with creating a sand castle in a sandbox, they depict others in. All leaders can form a persuasive vision, one that takes people to a new place, and then interprets that vision into truth. Peter Drucker said that the first mission of a leader is to describe the vision. Max DePree , CEO of Herman Miller, wrote in Leadership Is an Art, "The first responsibility of a leader is to describe reality. The last is to say thank you. In between, the leader is a servant." (Warren G. Bennis, Joan Goldsmith, 1997) Primarily Vision grabs the leader, and the capability to communicate it eventually eases