Rupert ‘the Bear’ Parker was a wealthy media magnate. His Will creates a number of testamentary trusts. Rupert died on 1 April 2020.
Clause 10 of the Will provides:
I bequeath to my Testamentary Trustees, Bert and Ernie, the amount of $500,000 from my account no:123 BSB: 4567 in the Which Bank. The Trustees must distribute these funds equally between all the friends of my son Jamie who assisted him during his health crisis in 2018.
(a) Is this a valid testamentary trust?
(b) If this is not a valid testamentary trust, what will happen to the $500,000?
Give detailed reasons for your answerS