PRACTICE PROBLEM – E & T

PRACTICE PROBLEM

Ayesha Khan is the daughter of Salman and Huma. Until they retired, Salman and Huma operated a successful business in Melbourne importing engineering components from Karachi. Thirty years ago, Salman and Huma’s accountant advised them that they should set up a discretionary trust for tax purposes, which they did. This trust is now the subject of a dispute between Ayesha and her brother Waqas. The terms of the trust are set out below.

In 1992, once the trust was established, Salman and Huma transferred to the trustees (themselves jointly with their friend Barnabas as in the terms below) their holiday home in North Portsea and all their shares in the company through which they operated their business. The trustees were to hold this property on the terms of the trust as per clause 1(b). Salman and Huma gave a letter of wishes to themselves and Barnabas as trustees expressing their wishes for the trust. In it they said that the purpose of the trust was to look after themselves first, and second, to provide a flexible way to give benefits to their children and relations. The trustees paid income to Salman and Huma whenever they wanted it and they used the holiday house whenever they wanted.

Waqas worked in his parents’ business continuously after completing a commerce degree at La Trobe in 2002. In 2012 he was appointed managing director of the company by the trustees. In 2017, sadly Huma died, and Salman retired from the business. This left Waqas as sole director. Under his management the business has continued to grow at a modest pace. Waqas is paid a reasonable salary for his role.

In 2018, after her mother’s death, Ayesha returned to Melbourne permanently to be near her father for the last years of his life. She had been living in London where she had an important role as a corporate takeover lawyer. After she returned, she frustrated Waqas immensely as every couple of weeks she would give him unsolicited advice on how to run the family business.

Waqas felt threatened by his sister’s return and did not want her interfering with the business, which he felt entitled to receive as his inheritance. In 2020, Waqas asked his father to make him a trustee of the trust. Salman agreed he was having trouble remembering to have trustee meetings so added Waqas as an additional trustee alongside himself and Barnabas. In 2021, Waqas persuaded Salman to make Waqas an additional Protector of the trust in case Salman developed Alzheimer’s disease. Waqas convinced Salman that Ayesha was too busy with setting up her legal business in Melbourne to be interested, and Salman forgot to ask Ayesha if she wanted to be a Protector too.

In January 2022, Salman died. This left Waqas as the sole Protector of the trust. Waqas removed Barnabas and himself as trustees and appointed a new company he had set up to be the sole trustee. Waqas is the sole shareholder and sole director of the corporate trustee.

When Ayesha went to discuss winding up their parents’ affairs with her brother, he told her about the changes to the Protectorship and Trusteeship for the first time. Ayesha was furious.

Ayesha seeks your advice on what claims she might have against Waqas directly. Ayesha thinks that Waqas’s appointment of a company he controls and removal of the independent trustee are wrongful. Advise:

  1. whether Waqas’s role as Appointor involves a fiduciary relationship with Ayesha, and
  2. if Waqas is a fiduciary, whether Ayesha is likely to succeed in having him removed as Appointor for breach of duty or otherwise.

If you conclude that the answer to 1) is that there is no relationship you should still answer 2) in the alternative. You can say something like, ‘in the event my conclusion above is incorrect, the second question for Ayesha’s claim is…’

Khan Family Trust

THIS deed is made by me Salman Khan of 71 Peace Avenue, Ringwood in Victoria, businessman and me Huma Khan of 71 Peace Avenue, Ringwood in Victoria, businesswoman.

1         The property of the Khan Family Trust (the Trust)

The property of the Trust (the fund) includes:

  • the initial $100 paid by me to the Trustees;
  • any property which is transferred to the Trustees to hold under the terms of the Trust;
  • property added or accumulated to the fund from time to time; and
  • the proceeds of any loan taken out by the Trustees on behalf of the Trust.

2         Beneficiaries of the Trust

  • The beneficiaries of the Trust are the primary beneficiaries and the potential beneficiaries.
  • The ‘primary beneficiaries’ are Salman and Huma Khan.
  • The ‘potential beneficiaries’ of the Trust are the following persons, whether alive at the execution of the trust or coming into existence thereafter:
  • the issue of the primary beneficiaries;
  • the issue of the grandparents of the primary beneficiaries;
  • any spouse or child or children of any of the persons specified in the preceding paragraphs;
  • subject to subclause (3), a trust, company or other entity in which a person mentioned in the preceding paragraphs has an interest, whether absolute, direct, indirect, present, contingent or expectant, or is a director or shareholder;
  • a charity or charitable entity; and
  • an entity recognised as a deductible gift recipient entity under Australian taxation law.

(3) To the extent that the inclusion of any trust or person as a beneficiary under the Trust would cause the Trust to be invalid for any reason whatsoever, that trust or person is not a beneficiary of the Trust.

3         The Protectors

  • ‘Protectors’ means Protector if there is only one and vice versa.
  • Subject to subclause (8), the primary beneficiaries are the initial Protectors.
  • The Protectors may, in writing, in the Protectors’ discretion (or Protector’s discretion if only one), do any one or more of the following:
  • appoint one or more Trustees;
  • appoint themselves as Trustees or sole Trustee; and
  • remove one or more of the Trustees.
  • The Protectors may, in writing, in the Protectors discretion (or Protector’s discretion if only one) appoint another person or persons as Protector or Protectors, to act with or instead of the Protectors.
  • A Protector may resign.
  • If a Protector, not being a sole Protector, dies or ceases to be a Protector the remaining Protector is the Protector.

4         Trustees of the Trust: definition and appointment

  • Interpretation:
  • ‘Trustees’ includes Trustee and vice versa;
  • the initial ‘Trustees’ at the execution of this deed are Salman Khan, Huma Khan and Barnabas Lovejoy.
  • ‘Trustees’ means those appointed under this cl 4 or cl 3 of this deed who have not at that time ceased to be Trustees, and ‘Trustee’ has a corresponding meaning;
  • The Trustee or Trustees may be or include a professional trustee or professional trustees or a corporate trustee.
  • If there is no Protector, then the Trustees have the power to appoint additional trustees.
  • If the last surviving Trustee dies or ceases to be Trustee then the court will appoint replacement trustees.

5         Exercise of Powers by the Trustees

  • The Trustees may exercise the powers given in this will even if a Trustee or sole Trustee is a beneficiary.
  • The Trustees may exercise any of the following powers in the absolute discretion of the Trustees:
  • make distributions of income of the fund, to any one or more of the primary beneficiary and the potential beneficiaries and in such amounts and at such times as the Trustees choose;
  • make distributions of capital of the fund, to any one or more of the primary beneficiary and the potential beneficiaries and in such amounts and at such times as the Trustees choose;
  • retain all or part of the capital or accumulate all or part of the income of the fund, for any period permitted by law;
  • refrain temporarily or permanently, from distributing or providing income, capital or other benefits from or relating to the fund, to any one or more or all of the beneficiaries;
  • exercise the General powers of Trustees under cl 6.
  • The Trustees, if more than one, must make decisions unanimously.

6         General powers of Trustee

[Standard management powers not relevant to the problem]

7         Investment of the fund

[Standard investment powers not relevant to the problem]

8         Ending of the Trust

  • The Trust ends on the first to occur of any of the following:
  • at the expiry of a period of 80 years from the execution of this deed; or
  • upon the Trustees’ resolution to end the trust earlier than 80 years.
  • When the Trust ends, the balance of the Trust fund vests:
  • either in the beneficiaries in the proportions the Trustees in their absolute discretion thinks fit; or
  • if the Trustees do not exercise their discretion, equally in the children of the Principal Beneficiaries.

9         Conflicts of interest

No person, being a Trustee or a director or shareholder of a corporate Trustee, is required to obtain independent legal advice or an order of court before exercising a power or discretion conferred on her or him by this deed or by law, or is precluded from exercising the power or discretion, merely because the person exercising the power or discretion:

  • has or may have a direct, indirect, or personal interest, whether as shareholder, director, member, or partner of any company or partnership, or otherwise, in the manner or result of exercising such power or discretion; or
  • may have a conflict of fiduciary duty in the method or result of exercising the power or discretion; or
  • may benefit directly or indirectly as a result of the exercise of any such power or discretion; or
  • is the sole Trustee.

10      Interpretation

  • Definitions: ‘children’:
    • (a) means biological or adopted children; and
    • (b) includes a child;

‘spouse’ (and ‘spouses’ has a corresponding meaning) in relation to a person means:

  • (a) the husband or wife of the person at any time; and
    • (b) the partner of a person, of the same sex or different sex (however described), with whom the person has been living at any time in a marriage- like relationship or domestic relationship;

‘trustee’ includes ‘trustees’ and ‘trustees’ includes ‘trustee’, both subject to context;

‘protector’ includes ‘protectors’ and ‘protectors’ includes ‘protector’, both subject to context.

Order Now

Get expert help for PRACTICE PROBLEM and many more. 24X7 help, plag free solution. Order online now!

Universal Assignment (February 21, 2024) PRACTICE PROBLEM – E & T. Retrieved from https://universalassignment.com/practice-problem-e-t/.
"PRACTICE PROBLEM – E & T." Universal Assignment - February 21, 2024, https://universalassignment.com/practice-problem-e-t/
Universal Assignment March 17, 2023 PRACTICE PROBLEM – E & T., viewed February 21, 2024,<https://universalassignment.com/practice-problem-e-t/>
Universal Assignment - PRACTICE PROBLEM – E & T. [Internet]. [Accessed February 21, 2024]. Available from: https://universalassignment.com/practice-problem-e-t/
"PRACTICE PROBLEM – E & T." Universal Assignment - Accessed February 21, 2024. https://universalassignment.com/practice-problem-e-t/
"PRACTICE PROBLEM – E & T." Universal Assignment [Online]. Available: https://universalassignment.com/practice-problem-e-t/. [Accessed: February 21, 2024]

Please note along with our service, we will provide you with the following deliverables:

Please do not hesitate to put forward any queries regarding the service provision.

We look forward to having you on board with us.

Categories

Get 90%* Discount on Assignment Help

Most Frequent Questions & Answers

Universal Assignment Services is the best place to get help in your all kind of assignment help. We have 172+ experts available, who can help you to get HD+ grades. We also provide Free Plag report, Free Revisions,Best Price in the industry guaranteed.

We provide all kinds of assignmednt help, Report writing, Essay Writing, Dissertations, Thesis writing, Research Proposal, Research Report, Home work help, Question Answers help, Case studies, mathematical and Statistical tasks, Website development, Android application, Resume/CV writing, SOP(Statement of Purpose) Writing, Blog/Article, Poster making and so on.

We are available round the clock, 24X7, 365 days. You can appach us to our Whatsapp number +1 (613)778 8542 or email to info@universalassignment.com . We provide Free revision policy, if you need and revisions to be done on the task, we will do the same for you as soon as possible.

We provide services mainly to all major institutes and Universities in Australia, Canada, China, Malaysia, India, South Africa, New Zealand, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

We provide lucrative discounts from 28% to 70% as per the wordcount, Technicality, Deadline and the number of your previous assignments done with us.

After your assignment request our team will check and update you the best suitable service for you alongwith the charges for the task. After confirmation and payment team will start the work and provide the task as per the deadline.

Yes, we will provide Plagirism free task and a free turnitin report along with the task without any extra cost.

No, if the main requirement is same, you don’t have to pay any additional amount. But it there is a additional requirement, then you have to pay the balance amount in order to get the revised solution.

The Fees are as minimum as $10 per page(1 page=250 words) and in case of a big task, we provide huge discounts.

We accept all the major Credit and Debit Cards for the payment. We do accept Paypal also.

Popular Assignments

Solution: Scenario 1, Mirror therapy in patients post stroke

Title: Scenario 1, Mirror therapy in patients post stroke Part 1 : Summary Ramachandran and colleagues developed mirror therapy to treat amputees’ agony from phantom limbs. Patients were able to feel their amputated limb without experiencing any pain by presenting them a mirror image of their healthy arm. Since then,

Read More »

Solution: Exploring the Dominance of Silence

Slide 1: Title – Exploring the Dominance of Silence The title, “Exploring the Dominance of Silence,” sets the stage for a deep dive into the portrayal of silence in Philip K. Dick’s “Do Androids Dream of Electric Sheep?” Our presentation will dissect the literary techniques used by the author to

Read More »

Solution: Assessment: Critical Reflection S2 2023

The policies that hampered the cultural survival of Indigenous groups have a major effect on their health (Coffin, 2007). Cultural isolation can cause an identity crisis and a sense of loss, which can exacerbate mental health problems. Indigenous people have greater rates of chronic illness and impairment due to historical

Read More »

Solution: The Market – Product and Competition Analysis

Section 1: The Market – Product and Competition Analysis Industry and Competition Analysis: The baking mix market is very competitive, but My Better Batch is entering it anyhow. The prepackaged baking mixes sold in this market allow busy people to have bakery-quality products on the table quickly without sacrificing quality

Read More »

Solution: PDCA model for Riot

Student Name: Student ID: University Name: Date: Learning Outcome 1: Engage actively in recognizing a new product/service for Riot and detect the vital tasks required for its effective growth. In this comprehensive learning outcome, Riot’s progress towards innovation superiority is characterized by a deliberate scheme that draws on components from

Read More »

Solution: EDEN 100 – ASSIGNMENT 1

Part 1: Reflections on the Register Variables Use the questions in Column 1 and analyse the sample oral interactions provided under the assessment tile. The transcript for Viv’s conversation is provided on pages 4-5. Probe Questions  Link to readings and theory Interaction 1 Interaction 2 PART 1 – ANALYSING THE

Read More »

Solution: TCP/IP Questions

Table of Contents Question 1. 1 1. IPSec datagram protocol 1 2. Source and destination IP addresses in original IP datagram.. 1 3. Source and destination IP addresses in new IP header 2 4. Protocol number in the protocol field of the new IP header 2 5. Information and Bob.

Read More »

Solution: Fundamentals of Employment Assistance Program and Counselling

ASSESSMENT 3 Subject: Fundamentals of Employment Assistance Program and Counselling Case study Question 1 a)     Major Issues for Theo that could be addressed in counselling: b)    Issues to Address First in Short-Term Counselling:             The cognitive processes of memory, focus, and decision-making are all impacted by insufficient sleep. Such cognitive

Read More »

Solution: EQUITY AND INCLUSION IN EARLY CHILDHOOD IN AUSTRALIA

Written Policy Recommendation Name: Student Number: Email: Date: Introduction: The early years of a child’s life are important for their holistic development, making early childhood education a foundation for their future accomplishments. Nevertheless, guaranteeing equality and inclusion in early childhood education stays a major problem in our society. This policy

Read More »

Solution: Report Health Issue

Table of Contents Executive Summary                                                                                                   3 Introduction                                                                                                                5 Examination of the Chosen Health Issue in the Context of Lambeth                        5 Application of Health Inequality Framework and Analysis of Determinants: Psychotropic Drug Use in Lambeth                                                                           6 Exploration and Discussion of Strategies to Manage Psychotropic Drug Use in Lambeth                                                                                                                        7 Conclusion                                                                                                                  8

Read More »

Solution: Section III: Marketing

Section III: Marketing Channels for Advertising: Understanding Who Makes Baking Product Purchase Decisions is Crucial for My Better Batch’s Business Success (Sampson et al, 2017). Home bakers may make up a disproportionate share of the decision-makers in the UK. As a result, My Better Batch has to target people, especially

Read More »

Solution: Analytics Project Project Management Plan

Analytics Project Project Management Plan Date: 22-10-2023 Author: Name Here Version: 2.0 Project Management Plan (PMP) This project management plan will outline the strategies and plans used to manage ‘analytics project’ for the Style-Hub organization. It will include the tasks such as project governance, management, planning, budget and controlling. It

Read More »

Solution: Report Health Issue

Table of Contents Executive Summary                                                                                                   3 Introduction                                                                                                                5 Examination of the Chosen Health Issue in the Context of Lambeth                        5 Application of Health Inequality Framework and Analysis of Determinants: Psychotropic Drug Use in Lambeth                                                                           6 Exploration and Discussion of Strategies to Manage Psychotropic Drug Use in Lambeth                                                                                                                        7 Conclusion                                                                                                                  8

Read More »

Solution: Mirror therapy in patients post stroke

Title: Scenario 1, Mirror therapy in patients post stroke Part 1 : Summary Ramachandran and colleagues developed mirror therapy to treat amputees’ agony from phantom limbs. Patients were able to feel their amputated limb without experiencing any pain by presenting them a mirror image of their healthy arm. Since then,

Read More »

Solution: Case Study – HR Activities

Cover Page Case Study – HR Activities title of assessment unit code unit name semester and year assignment title student name student number tutor name and word count Executive Summary The research suggests two main HR initiatives to help Actualise Health deal with its workforce issues: acquiring and developing talent,

Read More »

Solution: Building a Foundation for Equity and Inclusion

Script – Slide 1: Title and Introduction Greetings, everyone. My name is…, and I would like to discuss a vital concern in early childhood education – equality and inclusion. At present, I’m going to explain why this matter is so important and what research and guidelines indicate about it. Slide

Read More »

Solution: EQUITY AND INCLUSION IN EARLY CHILDHOOD IN AUSTRALIA

Written Policy Recommendation Name: Student Number: Email: Date: Introduction: The early years of a child’s life are important for their holistic development, making early childhood education a foundation for their future accomplishments. Nevertheless, guaranteeing equality and inclusion in early childhood education stays a major problem in our society. This policy

Read More »

Expression of Interest (EOI)

The focus of this Expression of Interest is to demonstrate why you are a good fit for the selected project based on your learning in IKC101.Context:You are submitting an Expression of Interest (EOI) to lead a project connected to the organisation you have chosen. You are required to explain your

Read More »

COM10007 Professional Communication Practice

Assignment 3: PresentationWord/time limit: Five minutes (+/- 10%)Weighting: 15% (Presentation + reference list)Assignment detailsFor this assignment, you are required to consider those who work in the following sectors and describe the key responsibilities of a professional communicator in a particular context—including types of audiences, key messages and delivery modes. You

Read More »

ELT2014 Special Educational Needs and Disabilities

ELT 2014 Assessment 1 – Case Study Module code ELT2014 Module title Special Educational Needs and Disabilities Submission date, time 27/2/24 @ 5pm: Group Presentation slides for part (a) uploaded to TurnItIn 28/2/24 : Group Presentations in class for part (a) – ALL MUST ATTEND 22/3/24 @ 9pm: Suggested deadline

Read More »

Applied Pathobiology Assessment 2 – case study

This assessment covers 30% of the marks for this module. Instructions   Case 1 Vivienne A. (mother) and Isabel A. (daughter) go to the GP for prolonged fatigue in the last four months. Vivienne is a retired 74-year-old teacher, who reports fatigue, tingling and numbness in her hands and feet,

Read More »

Assignment Legislative Framework for Governance

It’s now time to complete your assessment. At Level 5, you must demonstrate that you can follow academic writing standards, including checking your writing for spelling and grammar, referencing using Harvard referencing (or similar) guidelines and utilising critical analysis skills. If you are unsure about these, speak to your Advanced

Read More »

BIK0028/BIH2014 Tips for Individual report assessment

Guidance document: Tips for Individual report assessment BIK0028/BIH2014 Individual report Assessment Assessment brand of your choice. rarity, extraordinariness and a high degree of non-functional associations” (Heine, 2012, p.62). Your work should include the following •       A brief introduction to the selected brand characteristics etc.) •       Your analysis of consumers’ behaviour

Read More »

1008GBS Business Decision Making Assessment 3

1008GBS Business Decision Making Assessment 3 50 Marks (worth 50% of total assessment) Business Decision-Making Take Home Assignment. The deadline is 6 pm 5th February 2024. Notes – read these carefully! The report should be prepared based on the five questions below. For each question, include a separate subheading. The

Read More »

Can't Find Your Assignment?

Open chat
1
Free Assistance
Universal Assignment
Hello 👋
How can we help you?