Friday, February 3, 2012

If a FIXED trust created by will left 拢1 to everyone in a particular phone directory, would it fail?

For example 'I instruct my appointed trustees to sell one third of my art collection and pay one pound stirling to every person listed in the 2007 edition of the London telephone directory'. If a FIXED trust created by will left 拢1 to everyone in a particular phone directory, would it fail?
What an intersting question.



It may fail as being impossible to carry out.



It pre-supposes that the sale would raise sufficient funds to:

1. pay every person (not just some of them) in the directory 拢1

2. Cover the administration costs of doing so.



If it did, then It could work in theory.



But what would probably happen - and what I would suggest as lawyer to the trustees - is that the trustess place an advert in the London Gazzette inviting any person who can prove they were listed in the directory to come to a specified address on a specified day to collect their 拢1.



Almost no-one would bother, so the trustees could abide by the wishes of the deceased and keep the cash.



If a FIXED trust created by will left 拢1 to everyone in a particular phone directory, would it fail?
Probably not. It is like paying alimony in pennies. If you got that much art you could give me like 10%. That would work out just fine and all would be happy.

I hope you don't have a dog.

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